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News For This Month: Businesses

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. Just in case someone steals their credit card information and the merchant refuses to give them a refund, they would simply contact their credit card company to have their money refunded. 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 fees and fines from banks will pile up and a lot of merchants will lose money. This is the least of their problems because the bank can even terminate the merchant’s account which will leave his business disabled. This is a major problem for merchants considering the fact that they cannot apply for another account for the next five years.

According to the chargeback company, every merchant can avoid this if they know how to limit the number of chargebacks they receive. Yes, it is true that there will always be some customers who would take advantage of chargebacks to gain goods for free, however, merchants can still do something to defend their business against unfair chargebacks.

Listed below are some effective ways on how to defend your business against unfair chargebacks.

1. Provide them with 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. Remember that excellent customer service should be the foundation of your business. You have to consider having low-cost communication options for your customers like a landline number or even 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. Make sure 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 provide them with a detailed product description, there will be very little scope 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. Invest on the training of your employees to make sure they are capable of spotting any fraudulent transactions.

4. You should implement a secure payment system.

It is a fact that online fraudsters are usually one step ahead of the merchants, because of this, we must do something to keep up with them. According to the chargeback company, merchants will avoid chargebacks if they decide to implement a secure payment system. As the merchant, it is your responsibility to secure your network systems in order to protect your cardholders.

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