financial
financial

Chargebacks Reform: Vendors Hope Probes Level the Playing Field

With chargebacks on center stage in the Saks Fifth Avenue investigation, the question on people's minds is: Can the industry be rehabilitated?

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Richard Hastings, senior retail analyst at Bernard Sands, noted that recent software innovation, combined with accounting and regulatory reforms, helps increase the rate of discovery of improper procedures and improve the handling of shipping and other compliance errors.

"Some of what we are hearing today, especially in the case of Saks, is a result of the greatly improved corporate governance systems and internal controls as a result of Sarbanes-Oxley. We are not looking at a worsening of the situation, but a situation that is getting better overall."
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