Get the Insight on Preventing Chargebacks
We’re just going to state the obvious outright: no one wants to deal with chargebacks. The chargeback process is confusing, time-consuming, costly, and ultimately an overall negative experience for everyone involved. As a merchant, there are a few key decisions you can make to ensure a much simpler chargeback process takes place––and ultimately avoid it altogether.
To get a head start on your competitors, please read our whitepaper, 7 Mistakes Merchants Make When Fighting Chargebacks. We wrote this with you and your customer care team in mind. You’ll learn about the importance of identifiable billing descriptors, the value of an informed customer care team, and how you can easily discern the difference between true fraud and accidental customer confusion.
In short, getting a handle on these 7 points, simply distilled below, will help you navigate the trips and traps of the chargeback landscape.
- Fully understanding chargeback reason codes
- Knowing when to fight, and when not to fight
- Maintaining customer service best practices
- Applying the right effort
- Recognizing red flags
- Evaluating success and your win rate
- Increasing costs and draining internal resources
Well prepared in advance is being well prepared for the fight—or learning to avoid the fight altogether.
Chargebacks are a complex and costly problem for merchants. Whether you are dealing with a case of intentional fraud, friendly fraud, or a dispute borne of customer confusion, the chargeback dispute process simply does not favor the merchant. Engaging in disputing a chargeback invariably results in the expenditure of your valuable time and internal resources, which are better spent in running your business.
Do you really have time and the cultivated know-how to gather all the right and necessary documentation for your response? At best, you’ll get a maximum of 45 days from the date of an initiated chargeback to conduct your representment. Also, the issuer may choose to challenge the representment, for which they have up to 30 days per Visa and up to 45 days per MasterCard to act. And some processors or acquirers can take several weeks to provide credit upon the response. Given that many credits and deductions can take place during the life cycle of the representment, this can put a serious kink in your cash flow.
Yes, some chargebacks are unavoidable. But with the right knowledge and resources, many of them can be effectively disputed.
Discover how using a simple, fully integrated solution such as Order Insight can work for you to ensure the elimination of any errors that can hurt you in the chargeback process. With Order Insight, you’re able to provide everyone involved in the chargeback process––including your customers, your customer care team, the issuing bank, and yourself––the information and details that allow you to quickly resolve a chargeback, and even prevent it from occurring.
As you can probably already see, this really all comes down to knowledge. With this knowledge, your customer care team, your customers, the issuers, and you will have the tools to quickly identify potential problems and errors, eliminating the chances of a chargeback from occurring.
Now is the time to make the all-important decision to take advantage of the power and knowledge that Order Insight gives you. And there is no question that time is the most precious of all your commodities. You can stop chargebacks from happening, keep your customers happy, and support your customer care team––all with one simple solution.