Chargebacks are on the rise. They’ve turned into a widespread method to fraud merchants. Below, you can find steps for proper chargeback management and help with chargeback insurance.
Chargebacks On the Rise
Credit card chargebacks are also called reversals. You deal with them in those cases when customers dispute a charge(s) on their credit cards after making a purchase from you and win. It’s important for financial institutions (FIs) to investigate all the claims they receive so to be able to provide better chargeback protection.
By the way, the problem of chargebacks is growing worldwide, and “friendly fraud” represents more than half of the cases based on recent data. There are financial institutions that are also making use of AI (artificial intelligence) solutions for better data analysis.
To successfully avoid payment processing fraud and chargebacks, it’s more critical than ever to work with an expert merchant services provider in the country that can help you with chargeback insurance. Thanks to a respectable payment processor offering unmatched solutions eliminating fraud and chargebacks to the best possible extent, you can be sure to protect your business with success.
How to Manage Chargebacks
Payment chargebacks affect businesses in more than one way. To handle them successfully and avoid costly outcomes, go through the points below:
- Use enhanced security measures for credit card transaction processing, without forgetting about EMV credit cards.
- Display your company’s contact information online and on credit card receipts so your customers have no difficulty to get in touch with you before filing a dispute.
- Use a reliable management system for better chargeback detection, prevention, and protection from fraud.
- Offer a clear and easy return and dispute process.
- Use high quality, detailed and precise product photos and descriptions.
- Always be on time when delivering orders.
- Offer package tracking.
- Be PCI compliant.
- Offer a clear checkout process.
- Analyze your chargeback data, research doubtful purchases, verify chargebacks’ reason code.
- Rely on multi-layered payment protocols.
- Make sure your staff is equipped with best practices.
- Offer excellent customer service.
You face a credit card chargeback when a customer files a dispute and wins. Chargebacks can take a good amount of time and money from you, so be well prepared and apply proper measures to resolve the disputes with ease and without delay.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help you with chargeback insurance. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.