Ethoca, a Toronto-based Mastercard company that offers e-commerce security and fraud prevention services, is expanding on a collaboration with Microsoft to bring digital receipts to customers.
Ethoca’s Digital Receipts service aims to provide customers with more transparency about their online purchases. The company notes that customers often forget or don’t recognize their own digital purchases. Alternatively, when a family member makes purchases, it can also lead to confusion for customers when reviewing their credit card statement.
Because of this, it isn’t uncommon for digital goods providers to experience false claim rates of 80 percent or higher. In other words, many customers end up using their credit card’s purchase dispute cycle unnecessarily.
One way to mitigate all these extra claims is to offer additional information like digital receipts to their purchases.
Ethoca’s Digital Receipts service enables businesses, including Microsoft, to make digital receipt information available to customers through card-issuing banks using Ethoca’s service. For example, customers can access digital receipts through their banking apps.
For now, Ethoca’s service is live with a “Top 5” U.S. bank. However, the Toronto-based company plans to expand globally throughout the next year.
Further, Ethoca says its service can reduce inbound transaction inquiries from customers to their bank by 15 to 30 percent.