Chargebacks are an unfortunate part of many businesses.
This occurs when the amount of the original charge that was credited to your business checking account was reversed for various reasons. While there is not a complete way yet to prevent businesses from ever getting chargebacks, we have compiled a list of the most common steps to help prevent their occurrences as much as possible.
Common reasons for chargebacks
- The Cardholder disputes the quality or the receipt of the merchandise
- The amount originally charged to the card was incorrect
- The card is fraudulent or had insufficient funds
- A processing error occurred during the transaction
- Proper authorization and procedure was not followed
Chargebacks cannot always be completely avoided. Fortunately, there are steps that you as the merchant can take to help prevent them. The more you understand about the payment process, the less likely that a charge will result in becoming a chargeback.
Steps your can take to help prevent chargebacks
- Make certain that the business name that you provide to us is one that your customers will recognize. Many chargebacks can easily be prevented by having the name that appears on your customers statement match the actual business name that your customers made their purchase from. Even though it might be part of a legitimate business, customers are more likely to question it.
- Respond promptly to requested retrievals. Both the customers and the banks may request copies of receipts and credit drafts. After a request is initiated, you need to respond quickly within 10 days. The sales drafts should be accessible for your authorized employees for 180 days and stored in a secure long-term location.
- ALWAYS get an authorization! While this seems like a simple and obvious way to prevent chargebacks, this is if often ignored advice.
Our Chargeback Prevention
If you are concerned with the amount of chargebacks that your business has been getting, contact one of our representatives today. We can help discuss ways in which you can better manage your payment processing and give you helpful resources that can enable to take back control of the financial aspects of your business. At Payment Savvy, we want you to be a success and we have helpful tools that will give you the control you need so that you can get back to what matters most to your business.
Prevent your business and merchant accounts from being closed and terminated. A chargeback has the potential to ruin your business credit and reputation. Start protecting your merchant account proactively by letting the experts at Payment Savvy handle the prevention and monitoring services.
Our technology is geared to help prevent, reduce, and eliminate chargebacks by addressing a customer’s dispute the moment it is filed with their bank. If you are a high risk merchant, you know that chargeback prevention is the first line of defense to keep a merchant from being placed on an outstanding status. Any unresolved disputes will be processed and managed by our staff that is an expert in chargeback preventions on behalf of you.
Our focus at Payment Savvy is always to keep your merchant accounts and high risk merchant accounts open for the long haul and to help you make the money that you need to get your business to grow. Reducing and eliminating chargebacks means less disputes and less worry for you.
At Payment Savvy, we can help you respond to alerts that you receive in relation to chargebacks. We will work within the business guidelines that you set for us and the rules that you provide us with. This means freeing up more of your time and your staff’s time so that you can do what is really important, focusing on your actual business!
We are Experts
We are proud to have the best chargeback auditors and analysts around! With their decades of experience, they can help you review your business practices and will help provide valuable insight on tactics to reduce your chargebacks and get the job done right!
One of the most important parts of working with Payment Savvy is that we truly want to get to know your business. Each and every response we give you is tailored to your specific industry and business. Our analysts are on a first name basis with many of our clients and they enjoy watching your success.
From setting up your payment systems to helping your customers access the payment gateway from a mobile device, we are here to help you stay ahead of the curve. Talk to one of our chargeback prevention specialists today and we can help you get started to overcome the barriers standing in between you and your business’ success. Whether it is just help with money transactions, setting up your payment processing, or just helping you with our years of experience, our friendly representatives are here to help. Fill out our form to get started.