If you own a business, you’re probably aware of what a chargeback is. If not, a chargeback is simply when a customer disputes the charge/purchase with their issuing bank.
There are many techniques you can implement to help you minimize the amount of chargebacks your business may receive.
Tip # 1
Use address verification (AVS) and verify the security code on the back of the card.
Tip # 2
Ensure your descriptor matches the name that your business is known as. a descriptor is what a customer will see on their credit card statement when they’ve made a purchase from you. if they see a descriptor they don’t recognize, they may think they did not make that purchase and attempt to initiate a chargeback.
Tip #3
Whenever possible, get the cardholder’s signature or imprint of the credit card at time of purchase.
Tip #4
Keep your customer informed of the status of their purchase if you are shipping them their purchase.
Tip #5
Ship orders to the billing address of the credit card with delivery confirmation such as a signature whenever possible.
Tip #6
Use caution when accepting credit cards from various countries; obtain as much customer contact information as possible.
Tip #7
Include an itemized invoice for all purchases
Tip #8
Ensure your refund policy matches the nature of the business; and issue refunds when possible.
Tip #9
Include 2 forms of customer service contact information such as a phone number and email address.
Tip #10
Respond to all chargebacks– do not miss an opportunity to get your money back.
"Mike Fox, Vice President of Sales for Group ISO Merchant Services in Newport Beach, Calif., has drawn on his payments industry expertise to serve businesses large and small for almost 20 years. Having learned the payments industry from the ground up after significant experience in the restaurant, service, and project management, he has pride in tailoring solutions for all types of merchant, ISO, and agent businesses. Mike provides a tested, solutions-oriented approach enhanced by knowledge gained through hands-on experience and employs that approach to ensure all their clients are always supported."
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