A fintech company has announced the upcoming launch of a loan service that would help combat the problem of so-called “friendly fraud” in the electronic payments industry.
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This new company, called Financial Protection Services, is a project by Speedy Holdings Group and seeks to provide businesses with the protections necessary to avoid the financial and reputational damages associated with friendly fraud. The service allows businesses to create a loan buffer between their accounts and the credit card processing companies, meaning that chargebacks may no longer harm a business.
To find out more, visit https://speedyhg.com
“Friendly fraud” is a problem that has become increasingly common across the retail sector - one which affects thousands of businesses every year. It occurs when a customer, whether accidentally or on purpose, disputes a legitimate charge. These disputes can cause a wide variety of problems such as loss of revenue, the incurring of penalties from the credit card processing company, or even a permanent loss of credit card processing privileges.
When this financial protection service launches, it will allow businesses to mitigate 100% of chargeback losses, ensuring that their merchant account stays protected and no additional fees need to be paid. To accomplish this, Speedy Holdings Group will disperse a small loan to cover the chargeback costs, eliminating the credit liabilities associated with chargebacks entirely for merchants.
Financial Protection Services will be available to small business owners regardless of their credit histories or current account status. Businesses will no longer have to fear being placed on the MATCH list - a database of merchants who have had their access to payment services revoked. Merchants may also be able to take advantage of the Speedy Holdings Group credit restoration service while being enrolled in the new financial protection program.
A spokesperson for Speedy Holdings Group stated, “The typical small business would normally not qualify for many products due to challenged credit, short time in business or low volume. We help these same merchants increase their revenue while lowering their liabilities at the same time.”
This service will become active in early to mid 2024, and is expected to further evolve post-launch to provide similar protections for business checking accounts to avoid overdraft fees. Speedy Holdings Group is in the process of raising funds to support the service, and is inviting investors to read more about the service on their website.
Financial Protection Services is capable of generating 100% returns on all capital deployed on their platform in a 60-day period. Those interested in investing can find more information about the company on the company’s website.
For more information, visit https://speedyhg.com
Contact Info:
Name: Scott Clymo
Email: Send Email
Organization: Financial Protection Services
Address: 65 E Nasa Blvd , Melbourne, FL 32901, United States
Website: https://speedyhg.com
Source: PressCable
Release ID: 89117070
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