Unfortunately, chargebacks aren’t always few and far between. Not a single merchant likes chargebacks, let alone excessive chargebacks. So, what can you do to avoid them? How can companies like eMerchantBroker can help you sidestep chargebacks as much as possible?
Usually, the chargeback life cycle starts with the cardholder filing a complaint about a transaction. Merchants can also be forced to reverse a transaction payment by the customer’s bank. In all cases, it’s rather frustrating to get a notification about a dispute resulting in a chargeback.
As a merchant, you must be interested in reducing fraud and chargebacks and building a better payment experience. You can do this by being proactive about the disputes and following best practices aimed at minimizing the occurrence of chargebacks.
As you may know, you can’t escape chargebacks for 100%. However, you can take proactive steps to avoid excessive chargebacks while running an eCommerce business. Below, you can find these important steps.
Staying Away From Excessive Chargebacks
Based on data by Internet Retailer, up to 70% of all eCommerce fraudulent cases are associated with chargebacks. What can you do to avoid chargebacks?
- Have properly-written return policies, otherwise, you’re going to end up with “Product Not Delivered” chargebacks that account for up to 26%. A well-written order policy makes things easier for your customers, thus helping you avoid excessive chargebacks.
- Follow the industry regulations and best practices.
- Make sure to use a secure website and don’t forget about the authorization verification for each transaction.
- Remember that the orders should be completed swiftly and accurately.
- Turn to professional chargeback mitigators. Work with a reputable payment processing company like eMerchantBroker, which is voted the #1 high risk merchant processor in the U.S.
EMB boasts an A+ rating by the BBB and guarantees the minimum of paperwork and the cheapest rates in the industry. Thanks to EMB’s special chargeback mitigation program, you can avoid chargebacks successfully.
- Make sure it’s not difficult to understand your billing descriptors.
- Don’t fail to get a customer signature for card-present (CP) transactions.
- Don’t forget about shipping insurance or shipping confirmation that’s important for tracking product receipts.
- Have good product descriptions on your website. Make sure your customers can get the products and services you’re offering on your website.
- Offer superb customer service.
So, as a merchant, you well know how frustrating it is to receive a notification that a customer has filed a dispute resulting in a chargeback. This causes even more frustration when the customer refuses to contact you first so you can respond to the issue properly. Thankfully, there are steps you can take to bring chargeback cases to a minimum.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.