A critical problem that we are frequently asked to solve is that of confusion. So often, the root of many of the problems that merchants are dealing with stem from customer confusion, issuer confusion, and even confusion on your behalf. This confusion can and often does lead to unnecessary chargebacks, revenue loss, customer service problems, and other trickle-down impacts.
The big question that we all need to answer is: how can we eliminate the confusion? When we take the confusion out of the picture, the process of managing credit card transactions, reconciling revenue, and maintaining good customer relationships suddenly gets much easier and more straight forward.
Perhaps the most vital and challenging confusion pain point you need to eliminate is that of customer confusion. To fix this problem, you need to know your customers. You need to understand their buying habits, frustrations and their problems.
Eliminating Customer Confusion
Now, we know that you can’t communicate with all your customers to learn what they find challenging about the buying, payment, and authorization process. Luckily, we’ve got an excellent team of experts at Verifi who are constantly doing industry research and working with various focus groups to help us develop and improve our solutions. Through this, we’ve gained deep insight into the who, what, when, why, where, and how of customers.
One of the biggest issues we hear is this: I don’t remember making this purchase on my credit card.
You can likely guess where this is going. The customer doesn’t remember making the purchase that is displayed on their credit card statement, so they contact their credit card company and complain about the purchase. This leads to a chargeback and sends you down the tricky and costly path of resolving this chargeback.
While, of course there is some onus on your customers to remember what they used their credit cards for. We do know that buying habits have changed in recent years and now we see people using their credit cards for every single transaction, including big ticket items, gas, restaurant meals, buying a soda at a vending machine, and making online purchases. This means it more difficult for your customers to remember every single transaction they have made with their credit card.
This is where we can work together to eliminate this confusion “sore spot”. We hear and see this feedback from customers often:
- I contacted the credit card company because I didn’t recognize the company name on my credit card statement.
- The charge is from a company that is in a location I haven’t visited.
- I think my credit card was stolen because I’ve never been to the store that is listed on my statement.
- I simply don’t remember making this purchase.
This feedback is all linked to one major underlying problem: confusing credit card descriptors and statements.
All too often we see credit card statements from merchants that contain ambiguous, vague, and downright confusing descriptors. Customers expect to see the business names that they know and remember on their credit card statements. So, when they see XYZ Foods, Dallas, TX instead of Happy Burgers, New York, NY – they are going to be confused.
And you know what this confusion is going to lead to…. chargebacks.
Helping Your Customers and Yourself
To stem this confusion and resolve this major issue you need to come back to insight. You need all the data and facts you can possibly get about your orders. This information allows you to quickly resolve billing confusion and greatly improve customer satisfaction.
In our opinion, the best way to do this is in real-time. By having access to a platform like Verifi Order Insight, you can easily access compelling evidence on demand, allowing you to share order details in near real-time with the issuer, and your customer. This lets you get to the root of the problem immediately and prevent the chargeback from proceeding.
You might be thinking, okay this is all well and good, but what about the confusing credit card statements – I thought this was the big problem. You’re right, the incomplete and confusing descriptors are a big part of the problem. This is why we developed a unique tool usable by the call center representatives at the issuing bank to quickly identify your descriptor information as to quickly legitimize the transaction.
This Order Insight feature gives you immediate access to detailed descriptor intelligence, including the merchant name, address, customer service phone number and email address.
The next step for you is very simple and not confusing at all…. Just contact us. We’ll give you a demo of Order Insight to explain how our patent-pending platform gives you an end-to-end solution that lets you quickly resolve billing disputes.
Confusion shouldn’t be part of your business plan. Take confusion out of the picture with Order Insight.