Tuesday, August 13th, 2019
Are you wondering how you can protect your business against chargebacks? As you know, they can be rather costly for merchants accepting payments online. Are you looking for chargeback insurance providers that can help you with this? You’re at the right place. The lines below will help you reduce chargebacks with ease.
Chargebacks & Chargeback Insurance Providers
Let’s start with chargebacks. So, you deal with them when your customer takes back the payment charged by you. Chargebacks are performed by the credit/debit card issuing bank once the customer requests to initiate them.
It’s important to draw a line between chargebacks and returns. In the case of returns, the customer wants to return the products and requests a refund on the money he/she has paid.
Unfortunately, if you’re dealing with lots of chargebacks, you’re most likely to be tabbed as high risk. What’s more, the merchant-account provider may freeze or close your account. Thankfully, there’re high-risk specialists that’re ready to work with your type of business and help you reduce your chargebacks.
To find a reliable high-risk merchant-services provider, just turn to a reputable payment expert like Best Payment Providers in the UK. Best Payment Providers can help you discover the best payment-processing company for your financial wants and needs, thus helping you minimize the occurrence of chargebacks. In case you’re interested in chargeback insurance providers, just apply to the merchants-services comparison company Best Payment Providers to avoid headaches caused by chargebacks.
How You Can Protect Your Business From Chargebacks
To mitigate the risk of chargebacks, follow the steps below:
- Fulfill orders promptly, talk to your customers, and be transparent about delays
- In case you’re unsure about an order, e.g., whether it’s valid or not, contact the customer before he/she is charged
- Be clear and straightforward about your return policies
- Don’t forget to provide your company’s contacts
- Be clear about shipping expectations
- Never ignore the processor protocol, know the expiration date, and don’t leave the card without the security code
- Provide clear payment descriptors
- Require customers to sign a contract concerning the specific services you provide
- Require customers’ signature for magstripe-only cards
- Screen orders to make sure there’re no duplicates, address errors, etc.
- Use chargeback notifications offered by your payment processor to your advantage to quickly detect any dispute
- Train your staff so they know how to deal with both CP (card-present) and CNP (card-not-present) transactions
- Make sure you know the dates of all credit-card transactions, amounts, and the authorization-related information
- Chargeback could add additional fees to your expenses, so pursue them only if you’re sure you won’t lose the case
- Don’t submit the transaction information to your POS (point-of-sale) terminal twice: this also refers to the process of depositing it
Chargebacks continue to be a growing threat for eCommerce merchants all over the world. Dealing with chargebacks is among the most frustrating issues for businesses accepting payments online. So, work with a true payments-processor comparison expert that can help you avoid chargebacks as much as possible.