E-Commerce Merchants: Nigeria Worst International Market for Chargebacks, Canada Best
Aug. 15, 2011
A third of U.S. e-commerce businesses are missing out on international sales because of fraud and chargeback worries, according to a new report. Only 66 percent of U.S. e-commerce merchants are selling and shipping to customers outside the U.S., the results of a new study by 192business said. In its report, the London-based fraud prevention specialist said it also found Nigeria was considered the biggest source of international chargebacks by U.S. merchants. Sixty-four percent of the survey’s respondents cited Nigeria as the most common country from which chargebacks originate, followed by Ghana (18 percent), Ukraine (12 percent) and Romania (6 percent). The most trusted country for U.S. e-commerce, not surprisingly, was Canada. The 192business survey also asked U.S. e-commerce merchants to rank the markets that they commonly fulfill to outside of U.S. borders for fraud risk. The U.K. was cited as their biggest fraud concern with 37 percent of merchants citing the British as having caused fraud and chargeback headaches followed by Spain (23 percent), Italy and Germany (tied at 17 percent) and trusty Canada bringing up the rear (6 percent).