WAYS TO PREVENT CHARGEBACK - Payment Processing News

WAYS TO PREVENT CHARGEBACK

TO PREVENT CHARGEBACK

Ways to Prevent CHARGEBACK:

Provide Receipts  for every single transaction. Receipt serves as a good reminder to the purchase they make and decreases the likelihood of a charge back. Have the conditions of sale written on the receipt

Be clear about refunds, returns and cancellation policies – include refund, return and cancellation policy on your website.

Make sure charge descriptions are clear. Use dynamic descriptors – with dynamic descriptors, you can include specifics like the product purchased, business name, business location and contact information. Include a number as part of the charge description.

Provide accurate descriptions of products and services –  accurate product descriptions are particularly important for online ecommerce where customers often dispute transactions because the product they received is not as it was described online.

Get signed proof of delivery products – especially if you’re an online ecommerce vendors that ships products regularly.

Communicate with customers about renewals – if your customer accounts are set to automatically renew, make sure you notify those customers of their renewal months leading up to the renewal day.

When a  cardholder contacts their credit card-issuing bank and asks for a refund on a transaction for a purchase or service made on their card is called chargeback.

Most Common Reasons for Chargebacks:

Point-of-sale processing errors

Customer disputes like, customer doesn’t recognize the charge, customer claims they didn’t receive the item they ordered.

Fraud, or potential fraud (customer claims the transaction is fraudulent – the purchase was made with a stolen card).

 

 

December 21st, 2016 by