Protect Your Business And Do Something About Unfair Chargebacks
The law that protects customers whenever they purchase items using their credit cards is known as consumer law. In the event that someone steals their credit card details and the merchant refuses to give them a refund, they can get in touch with their credit card company in order to receive the refund they deserve. Even though this is good news for the customers, the same thing cannot be said for the merchants.
Chragebacks are perfectly legal and every customer has the right to request for one but too much chargebacks against a merchant is bad news for his entire business. This is because the fees and fines from banks will accumulate and the merchant has no choice but to pay for each one. 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 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, 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.
In this article, we will be discussing some tips that will help you protect your business against unfair chargebacks.
1. Make sure your business provides excellent customer service.
According to the chargeback company, if the merchant would like to prevent any chargebacks against him, he should see to it that his business offers superlative customer service. 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. See to it that your description for your items are clear.
According to the chargeback company, if you want to reduce the number of chargebacks you receive, see to it that you provide your customers with a good product description. If you make sure that all of your products have a detailed description, you will definitely avoid 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. Your business needs 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, we can do this by simply implementing a secure payment system. As the merchant, it is your responsibility to secure your network systems in order to protect your cardholders.