Chargeback Mitigation Startup Justt Names New Execs

Israeli chargeback mitigation startup Justt has named two FinTech veterans to its leadership team as it prepares to expand into new markets.

According to a Thursday (July 28) news release, the company has named Renata Caine as chief commercial officer and Lissa Andrews as vice president of global marketing.

Caine comes to Justt following four years at the card issuing firm Marqeta, where she served for in a senior vice president role and helped shepherd the company through its initial public offering last year.

“After years of seeing the burden that chargebacks imposed on both issuers and downstream customers, I was thrilled to see Justt’s technology solving a real need in the payments ecosystem,” Caine said.

Andrews, meanwhile, has 20 years of B2B and FinTech experience, most recently with Billtrust, where she served as director of product marketing. She also held marketing leadership positions with WEX, GE Capital and American Express.

Founded in 2020, Justt offers an artificial intelligence (AI)-powered solution to help merchants contest payment chargebacks, which the company says cost merchants more than $125 billion annually in lost revenues.

Chargebacks are transaction disputes initiated by cardholders, either because they’ve been the victim of fraud, they’re confused or frustrated about their transactions or are simply using the chargeback to avoid paying for goods and services.

Read more: Half of Merchants Say Sunk Cost of Dealing With Chargebacks Is Their Worst Problem

Chargebacks and the resulting revenue loss have become a major pain point for merchants, according to “Dispute-Prevention Solutions,” a PYMNTS and Verifi collaboration.

In the survey, PYMNTS found that some of the most pressing issues that chargebacks create for merchants are the operating costs needed to deal with chargebacks, false positives and chargeback fees and fines. These problems were cited as the worst caused by chargebacks by 50%, 20% and 16%, respectively, of the merchants surveyed.

More than three-quarters of merchants said the cost of fraud, disputes and chargebacks adds to the damage to their business stemming from cardholder disputes.

Among the other ways that chargebacks affect merchants’ profit margins are lost sales due to declining good transactions, internal management of these issues, and communication between fraud prevention and customer service teams.