Chargeback processes by using a Chargeback Management System
While chargebacks came about to help customers feel comfortable with using their card knowing that their money was secure, we have seen in recent years a plethora of chargebacks to other businesses, some legitimate, others could have very well been prevented.
There are many reasons why a consumer may initiate a chargeback.
Processing errors.
Fraud. Some customers try to get away requesting a chargeback after they have already received their goods and/or services.
Customer disputes.
Merchant overcharged the customer.
Product never arrived.
Credit or debit card was used without permission of the cardholder.
So, why should a business fight chargebacks? Mainly because the ramifications of these chargebacks will hurt your business profits quite substantially. Too many chargebacks can hinder one’s business and you will begin to see quite a loss in profits pretty fast. Chances are when you receive a chargeback, not only will you be out the profits, you will more than likely not receive your product back from the customer so in reality, you are losing double the money. You will also be charged a chargeback fee from your bank which can range anywhere from $20-75.
Chargebacks are one of the biggest reasons why eCommerce business get into trouble with their payment processing provider. These providers only allow a certain number of chargebacks before they will eventually suspend, or close your merchant account and some even charge a considerable fee. Usually the amount allowed is 1-2% though this varies with each processing center. For this reason it is very important that you take care of any potential chargebacks in the very beginning of the process and learn to manage your business to reduce the amount of chargebacks initiated in the first place.
While some chargebacks may be your fault, others can be preventable and then there are others that you can fight that have no merit. Let us help you fight against chargebacks. It could potentially save your business…and your pocketbook.
Merchants can reduce the time and efforts it takes to go through difficult chargeback processes by using a chargeback management system. All the retrievals are send to the interface so that merchants can choose which chargeback to accept and which to fight. It also upload documents or assign special cases to analyst. You can track status of certain chargebacks and find information regarding processes and personnel.
Visit us & get a free chargeback analysis for your business.
Website: http://www.chargebackexpertz.com/
Phone : +1(855) 465-4723
Email : services@chargebackexpertz.com.