Monica Eaton-Cardone is the Co-Founder and COO of Chargebacks911 (https://chargebacks911.com/). This risk mitigation firm protects more than 2 billion transactions annually to help online merchants optimize profitability through dispute management. Chargebacks911 is headquartered in the Tampa Bay area, with offices in North America and Europe. Monica has more than two decades of experience in the fields of eCommerce, payments, fintech, and fraud prevention.

Can you tell our readers about your background? 

I grew up in rural Idaho and started my first job at age 12 if you can believe it! I went on to launch my first business at 19, where I ran an eCommerce site that sold luxury goods and cosmetics. 

What inspired you to start your business?

As an online merchant, I encountered a severe problem which, until that point, had no real solution. My customers were repeatedly disputing payments without a valid reason to do so (a practice called “friendly fraud”). I went to just about every solution provider I could find, but no one had the answer. Finally, I decided to take it on myself.

I became a self-taught expert and created an extensive chargeback management solution in order to save my online business. The banks noticed my turnaround, and actually started asking me for help with other merchants in a similar situation! It was then that I realized how much my expertise was needed by countless other merchants facing the same problem.  

Where is your business based? 

We’re headquartered in the Tampa Bay area. We also have offices in Idaho, as well as international offices in the UK and India.

How did you start your business? What were the first steps you took?

As I mentioned, it was actually during my time as an online merchant that I experienced my first taste of payment chargebacks. I was completely unprepared to deal with the number of illegitimate disputes that I was receiving, and as a result, my business was almost pushed to the point of bankruptcy. At the time, there wasn’t a definitive chargeback management solution. It quickly became clear that if I wanted a solution, I would need to create one myself. 

After rigorous research, consulting industry experts, and network regulations, I developed the best way to effectively mitigate chargeback risk. I realized then that I was one of the few people who actually understood chargebacks and how to manage them, so I began offering my services as a consulting business. Merchants needed more than just advice, though; they needed an expert to actively manage their cases, and so Chargebacks911 was born.

What has been the most effective way of raising awareness for your business?

Our approach has always been to establish our position as the leading experts in our field. To do that, we’re constantly publishing new content, including whitepapers, blog posts, and other resources that offer valuable insights that merchants can actually use. We’re also active on social media and are intentional about sharing helpful advice, tips, and tricks there, too. 

Beyond what we publish, we also try to build more tangible relationships. For example, we host monthly webinars with companies from similar verticals, and we’ve found that they are a great way to build relationships with professionals in the industry as well as potential clients. We also attend numerous trade shows in a typical year and host our own annual “Chargeback University” event series in different cities around the world.

What have been your biggest challenges and how did you overcome them? 

When we started out, we took an approach that could be pretty well described as “move fast and break things.” That was a great approach for a startup, but as we became more established and started working with more institutional brands, we needed to pivot to a more stable strategy. This was difficult, as we were essentially making up our path as we went. It took a lot of trial-and-error, but we eventually found our way to a sustainable position that could allow us to grow and thrive.

How do you stay focused?

I think it’s important to get into a mindful headspace. It’s easy to get distracted when you allow your thoughts to run wild. If you can remain rooted in what you’re doing every moment, though, focused solely on the here-and-now, it’s much easier to tune out distractions and avoid losing your focus. 

How do you differentiate your business from the competition? 

A big part of it is that we were the first company to really specialize in chargeback management, so we have the benefit of first-mover advantage. We’re typically defining change in the industry; by the time our competition is catching up, we’ve already moved on to the next development. 

Beyond that, we are very diligent about staying in-the-loop on conversations within the industry. We’ve joined a variety of trade groups, which enables us to have a seat at the table when different parties are making recommendations and strategies that will impact the industry’s future. We also take a lot of pride in the content we put out and try to establish our expertise by offering value to our readers.

What has been your most effective marketing strategy to grow your business? 

Referrals and word-of-mouth have been a major source of growth for us in the past two years. It’s created a kind of feedback loop, as many of our existing clients and partners end up becoming evangelists for our service! 

What's your best piece of advice for aspiring and new entrepreneurs?

Be willing to change. Innovation is the key to continued success. You have to be willing to adapt and strive for better solutions, methods, and strategies. As an entrepreneur, you must adapt to the surrounding environment and be prepared to hit the ground running when an unexpected obstacle is thrown in your way.

What's your favorite app, blog, and book? Why? 

Whenever I’m asked this question, the first thing that comes to my mind is always Twitter. Admittedly, not everything that happens on the platform is always great; however, it’s managed to withstand tremendous changes in how we communicate online and remains the fundamental force in micro-blogging. As for a blog, Grit Daily is a fun site, with a lot of uplifting content, especially for aspiring business leaders. 

I always recommend the book ‘Agile Project Management with Kanban’ by Eric Brechner. This book was a game-changer for me and completely revolutionized the way we run our business. There’s a lot of interconnectivity between different departments at our company, and coordinating that was really a nightmare before we implemented the Kanban system. 

What's your favorite business tool or resource? Why? 

Outside of industry publications, I’d probably have to go with Financial Times for a business resource. To me, their reporting has always seemed very reliable and objective in matters related to business and finance.

Who is your business role model? Why?

I’d probably go with my first boss, a man named Blair Rigby. He taught me a very important lesson, which is that you should always let people learn from their mistakes, rather than punish them.

I made plenty of mistakes in that role. If he’d chastised or fired me for each failing, it might have impressed me to take fewer chances in the future. Blair allowed all his employees the space to screw up, though, so long as they learned and grew from that experience. I’ve tried to foster the same environment at Chargebacks911, because I know firsthand that it ultimately builds a stronger organization. 

How do you balance work and life? 

That’s always a challenge! However, I try to disconnect from work as much as possible when outside the office. I make it a goal to block aside time during the evenings and weekends that is specifically focused on being with family. I have two young girls, and I use that time to be with them as much as possible.

What’s your favorite way to decompress? 

I love being outside in nature and spending time with my kids. Our favorite thing to do is arts and crafts!

What do you have planned for the next six months?

We recently launched a new brand under Chargebacks911 that is specifically focused on the banking side of the transaction, called Fi911 (https://Fi911.com). That is our main project for 2020, and we’re looking to scale that rapidly, which should be much easier given the connections we’ve made and what we learned doing the same with Chargebacks911. 

How can our readers connect with you?

They can follow me on Twitter (@Monica_Eaton), as well as on LinkedIn, and on my own personal blog: https://monicaec.com/. I’m also a regular contributor of several sites including Forbes, PaymentsSource, and other outlets focused on payments, finance, and business leadership.