Chargeback Security Expert and Risk Analyst will assist merchants in creating a formidable chargeback reduction plan that will benefit the merchant’s business in accordance with card brand rules. Chargeback Security Team Members will identify the wrong business practices that led to the excessive chargebacks or fraud.
Accepting Payments from Credit Card, VISA, Master card with PCI, EMV, POS Merchant Account, E-checks, 100% safety with Merchant Stronghold or any other electronic method is one of the fast and secured options for business to grow their business and customer’s trust. Our variety of electronic and card payment solutions and support will help your business to grow and use these technologies with confidence.
It is possible to minimize the risk of chargebacks with the use of services and techniques available in the market but it is next to impossible to avoid it completely. Chargebacks can happen even if you are fully aware of the company’s policies with zero transaction errors or even if you take care of the on-time deliveries.
Refund: Depending upon the company’s return policy, it is basically returning the full or partial amount that was spent by the customer to purchase the product or service from the merchant. The product purchased by the customer is returned back to the merchant.
Chargeback Representment is a process where a merchant fights back a chargeback by gathering evidence to prove that the transaction was completed properly and the charges imposed by the customer are not true.
Payment card Industry (PCI) is a set of standards to help protect card data from exposure that can lead to the loss. The compliance which is applied to service providers and merchants is called PCI data security standards (PCI DSS). It consists of many requirements that are developed by PCI security standard council.
Finding some good merchant category codes is very important, as they basically provide the payment card processor to showcase the market segment type based on a given business and its offerings. Each type of business comes with a certain code in order to make it a lot easier to identify all the specifics. Plus, it can also provide identification information that will be very easy to use in regards to taxation purposes.
Trial continuity businesses are companies that use a free trial or introductory offer to allow potential companies to try out the service or merchandise before deciding whether to sign up for the plan. Once the customer accepts the trial offer, they are instantly signed up to the continuity programs. In this particular business approach, customers will continue receiving the service or merchandise regularly, usually monthly, while making several payments during the subscription period.
Failure to deposit in a timely manner can result in chargebacks for “late representment”. Settle your credits or refunds daily; failure to do so in time can result in chargebacks for “credit not processed”. Promptly process refunds; never keep the customer hanging. If the merchant issues a refund by check, make sure to keep a front and back copy of the check along with the postage receipt. Gateway refunds should be processed within 3-5 business days. Never accept an expired credit card.
People often get confused and assume both the terms as interchangeable but that’s not true. Refund and chargeback are two different terms. Refund: Depending upon the company’s return policy, it is basically returning the full or partial amount that was spent by the customer to purchase the product or service from the merchant. The product purchased by the customer is returned back to the merchant.
Chargeback of this Reason occurs (Non-Receipt of Goods or Services) when a customer claims they have paid for items that were to be delivered from your establishment but have not yet been received or that the order was cancelled by the cardholder in result of not receiving the goods or services by the expected delivery date (or the former were unavailable for pick-up).
If you are selling products that require Free Trial, you will need a recurring merchant account and a payment gateway. Most business owners don’t understand the difference between a recurring merchant account and straight sale merchant account.
