Savings

7 Ways to Reduce Chargebacks and Save Your Company Money

If you are a business owner, you know the great annoyance that can come from chargebacks. Maybe a customer claims to not have received a product or they say there is a problem with the product and a chargback is issued. Chargebacks can also happen due to actual cases of fraud in which someone’s card information has been stolen. Many business owners believe that chargebacks are just an unavoidable part of running a company and so they have come to accept it as a necessary evil. In fact 47% of merchants have come to accept fraud, believing there is nothing that can be done about it and 20% think it is too expensive to control. The truth is though that chargebacks can be incredibly costly to you with an average of $15,162 in expenses per month. Actions can be taken to avoid chargebacks however and they can be reduced up…

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Dealing with chargebacks

Dealing With Chargebacks

Chargebacks occur inevitably as a part of running a business that accepts any payment. A chargeback is when a customer refutes a charge with the bank linked to the card used to purchase anything online or in store. Therefore, it is important to try to minimize your number of chargebacks as much as possible. There are several ways businesses can decrease the risk. Merchants should try to do everything possible to ensure that customer disputes do not reach the chargeback stage. Usually, before contacting the card issuer, customers will attempt to contact the merchant directly with the problem, and when this happens, merchants should be able to deal with the issue and try their best to resolve it. Ensure that you are including a good way for customers to contact you. This way there is no need for the customer to file a chargeback. Why Customers Issue Chargebacks Chargebacks are…

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Fraud and Consumer Confidence in Emerging Payment Technologies

When submitting payment, consumers are concerned about security. The Target security breach in December 2013 sparked widespread consumer skepticism concerning stored credit card data. The breach led to doubt with regard to information integrity at retailers. It also led to fear about fraudulent attempts to steal personal data. Today’s consumer is unsure about security in a world with many emerging payment options including mobile technologies. The daily news is flush with data breaches and attempts to gather personal information from individuals. Both organizations and consumers are on high alert for signs of deceptive and fraudulent behavior. Phone scams, otherwise known as vishing, are common knowledge but can still pose serious risk to potential victims. More and more intimate details are being brought into fraud attempts.  As these attempts grow more complex and specific, consumers are more likely to make rash decisions leading to increased risk. According to BBC News, in…

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