Protect Your Business And Do Something About Unfair Chargebacks
Consumer law exists so that the customers are protected whenever they decide to utilize their credit cards. If a fraudster steals their credit card information and the merchant refuses to refund their money, the owner can call his credit card company in order for him to get his money back. Although this benefits the customers, the same thing cannot be said for the merchants.
Despite the fact that chargebacks are legal and every customer has the right to request for one when necessary, too much chargebacks against a merchant can damage his business big time. This is because the fees and fines from banks will accumulate and the merchant has no choice but to pay for each one. In addition to this, the bank can even terminate the merchant’s account which will eventually lead to the downfall of his business. This is a huge problem for merchants because they won’t be allowed to apply for another account for the next five years.
According to the chargeback company, merchants can prevent this from happening by simply controlling the number of chargebacks they receive. Even though it is a fact that there are some customers out there that are taking advantage of chargebacks just to gain goods for free, this doesn’t mean that merchants cannot protect their business against these unfair chargebacks.
In this article, we will be discussing some tips that will help you protect your business against unfair chargebacks.
1. Your business must have an excellent customer service.
According to the chargeback company, if the merchant offers superlative customer service, he can easily reduce the number of chargebacks against him. Don’t forget that the foundation of your business is none other than excellent customer service. You have to invest on low-cost communication options for your customers such as a landline number or a web chat. Investing on the training of your your customer service team so that they can easily handle difficult customers will also play to your advantage.
2. See to it that your description for your items are clear.
According to the chargeback company, by simply providing our customers with a good product description, we can cut down the number of chargebacks we receive. If you have a detailed description for every product that you are selling, there won’t be room for any misunderstandings.
3. When it comes to fraud, you have to be very vigilant.
According to the chargeback company, by simply being vigilant on fraud, merchants can easily prevent chargebacks. It is a good idea to train and teach your employees so that they cane easily detect any fraudulent transactions.
4. You need a secure payment system.
Since online fraudsters are always one step ahead of the merchants, you need to be keep up with them. According to the chargeback company, the merchant will benefit a lot from implementing a secure payment system. Make sure that your network systems are secured and that you protect your valued cardholders.
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