admin Given the conventional male-centric fabric of the finance world, fintech has largely remained a sector dominated by men. According to a study by global fintech think tank, Findexable, only 1.5% of the best-funded fintechs have female founders. Thus, being a fintech female founder is still rare, both in terms of the existing glass ceiling and securing funding for the company.
We knew that our solutions and technology were revolutionary in the payments space. This gave us the drive to keep pushing, even through moments of uncertainty – Monica Eaton
Monica Eaton is one of the few female fintech founders revolutionising the industry. As a powerhouse founder and CEO of Chargebacks911, Monica is creating new opportunities in the sector. Chargebacks911 is the first and only global end-to-end chargeback management platform that helps merchants combat the epidemic of chargeback fraud via prevention/risk mitigation and representation/revenue recovery. The platform uses proprietary technology and expert human forensics to track down the cause of the merchant’s chargebacks to prescribe tailored solutions.
Seizing Opportunities, Forging New Paths
Identifying market voids is a skill Monica has mastered. The idea for Chargebacks911 came to her due to this exceptional skill. She started her entrepreneurial journey with an e-com marketplace, envisioning it to become the next eBay. While she was able to build a strong business, she soon found her profit margins compromised by chargebacks. When she identified the problem and sought out a solution, she was confronted with the lack of tech infrastructure needed to deal with it.
However, given her strong determination and innovative spirit she wasn’t going to settle for this as ‘a cost of doing business.’ Instead of folding her cards, she decided to bet on herself once again, learning and educating herself on the problem. “With a solution in mind, I taught myself the basics of coding and wrote what would become the foundation of Chargebacks911 with Access and HTML.”
In the nascent days, Monica’s one-of-a-kind payment solutions were used by fellow merchants to solve these chargeback woes. However, as days went by and the value of the codes became apparent, she was asked to consult with some of the biggest players in the tech world.
Today, Chargebacks911 is a global phenomenon with over 350 employees, serving 1 million merchants across 50 institutions. As Monica proudly asserts, “Through Chargebacks911 and its acquirer-focused sister brand Fi911, we’ve protected more than ten billion transactions and prevented over $183 million being lost to this type of fraud.” Monica has also launched Fi911, a next-gen tech platform that helps financial institutions with risk mitigation and management.
The Journey of a Star
Monica’s journey started when she entered the workforce at the age of 12. After graduating from high school at 16, she started working for an interior design firm. While she had initially lied about being 10 years older, her enthusiasm and commitment to be the best made her push harder than others. As a result, she found herself promoted to the position of manager at a very young age. Apart from putting her heart and soul into the project, she spent her time off, researching the business, learning as much as she could. “This effort paid off and truthfully speaking, it didn’t feel like effort as I loved what I was doing. It was incredibly fulfilling and an experience that taught me humility, leadership, and that you can achieve anything you want if you’re willing to do what it takes and bravely ‘step into the arena’,” adds Monica. Selling her first business at 19, Monica has since established multiple ventures, constantly learning new skills to continue breaking barriers.
Recounting her earliest days in business and her experiences as a young employee, she credits many of her leadership traits to her first boss who believed in allowing employees to learn from their mistakes. Inculcating a similar approach to her own leadership style, Monica has created a conducive and encouraging work culture at Chargebacks911. She believes, “It’s not the end of the world if something doesn’t work out; we learn what went wrong, then adjust and move on, determined to do better next time.” This progressive and open approach to leadership has helped flame the fire of innovation and creative problem-solving at the venture, allowing employees to ideate restriction-free. Monica believes in valuing the talent that people have rather than factors like their age and certificates. Having faced age prejudices as a young founder, she has learnt to look past these facets.
Becoming a Trusted Partner
Monica’s approach to client satisfaction is as unique as her company. For her, building a satisfied client empire is entirely dependent on over-delivering. Adding to this, Monica proposes, “Providing clients with a top-of-the line product that meets their needs is extremely important, but if the implementation lags or our relationship support is less than stellar – having the best product won’t ensure you grow your customers.” Making this the foundational cornerstone of her company, Monica has ensured that she is not simply a ‘vendor’ to her clients but rather a ‘trusted partner’ they can rely on for unparalleled service.
Building a Company of Excellence
Relationships, people, and planning are the cornerstones of Monica’s leadership style. Even in a field as AI-driven as tech, she has managed to keep her endeavours grounded in these principals. “Having the best product, most sophisticated technology and even the most amazing idea does not translate to execution without the right people, relationships and a clear path to achieve your vision,” adds Monica. As a fierce leader with a forthright vision, Monica believes that quality is the bedrock of any successful business venture. To this end, the team at Chargebacks911 is committed to never diluting quality in deliverables.
Sustainable growth is only achieved when you treat people right (your customers and employees), continuously expand your knowledge and strategic influence, and commit to a focused plan that achieves your overall vision – Monica Eaton
As a person who loves the pursuit of challenges, Monica is guided on her entrepreneurship journey by her constant thirst for the next big thing. She is intrigued by every opportunity to learn and as a visionary, looks upon every obstacle as an invitation for innovation. Chartering out a course of action and bringing tangible results endows her with unparalleled satisfaction. “I don’t track hours, I track results – and if I’m not getting results, I make a change,” states Monica. She believes in setting real goals that motivate her to do better – both personally and professionally. As a working mother of two, Monica is committed to giving her 100% across the board and thus, believes in integrating work and life. For her, being a mom and a leading tech founder aren’t mutually exclusive, and her everyday life sets this example quite vividly for her daughters.
Breaking Barriers & Paving the Way Forward
Monica’s inspirational journey as an entrepreneur with a family has taught her that it’s indeed possible to have it all. In her journey of the tech world, Monica has faced a fair share of obstacles and has had to overcome periodic failures. When she started her journey with Chargebacks911, people often ascribed her a junior status in the room, given her young age. However, she learnt to dispel these assumptions to make her position as the founder clear. Relying on her preserving spirit and relentless drive to excel, Monica was able to break all barriers and emerge as a globally recognised tech leader.
As the female founder of a path-breaking business, Monica has always aspired to give back to the world, inspiring women to pursue their dreams. As she asserts, “I’m lucky to have a position of influence as a female founder, and that’s why I want to be able to open doors for the next generation of young women.” To this end, she launched the LIFT mentorship programme back in 2021. The programme aims to inspire the next generation of female leaders, giving them the assistance and guidance they need to reach the next level. As a member of the Advisory Board of The Fintech Diversity Radar, Monica helps identify tangible steps to improve diversity in the fintech sector that still happens to be male-centric.
Creating a Better World for All
Success for Monica isn’t just in the numbers; it’s about the ability to help others. “People can do good by themselves, but by working together and leading fearlessly, we all do exponentially more,” propounds Monica. As a powerful entrepreneur charged with bringing about social change, she also works to forward the cause of education. To this end, Monica started the Paid for Grades programme in 2013. As one of her proudest achievements, this organisation helps under-privileged teens improve literacy skills and build confidence through tutoring support and a cash scholarship in partnership with schools.
Counting Achievements
Monica is a part of several organisations including the American Business Women’s Association, Women’s Network in Electronic Transactions, NACHA – Electronic Payments Association, and Women In Technology International, among others. Forbes recently honoured Monica as a global industry leader in risk mitigation and chargeback management. Under her leadership, Chargebacks911 has also been recognised by Inc. 500 as one of America’s Fastest Growing Private Companies.
Among Monica’s countless achievements, certain things standout from the rest. “Having a global company and being surrounded by a dedicated team far smarter than me is extremely rewarding. But one achievement in particular I’m incredibly proud of is our Take Charge for Charity initiative, where we make weekly donations to different charities within our community,” states Monica. Regardless of the business front, for Monica, her ‘single greatest achievement’ remains her two daughters, who inspire her every day to be her best self. Being a mother has taught her several lessons – with the need for humility and being grounded as the foremost among them.
Words of Wisdom to Aspiring Business Women
Drawing from her own experience of having a competent team and the need to foster self-belief, especially in the early days, Monica asserts that aspiring business women need to surround themselves with people who contribute to their growth and share the same core values and vision as them. She also advises them to be open to the advice of others. While they don’t have to act on this advice, remaining open to the act of listening can help.
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