Blog | Industry Insights
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How to Reduce the Chargeback Burden on Merchants
For merchants, effective communication is the key to successful, ongoing relations with their client base. Whether it’s staying active with customer emails, clear website product descriptions, visible refund and return policies, or simply sharing purchase information with issuers – good communication is critical. When it comes to consumer disputes, the numbers tell us what happens…
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The Chargeback Triangle
Chargebacks are a problem for everyone involved in the dispute process – merchants, consumers, and issuers. The trickle-down effects of chargebacks extend well beyond a lost or refunded sale, with disgruntled customers and seemingly endless communication problems, increased operational expenses and reduced profits for merchants and issuers. In 2017, chargebacks amounted to a $31 billion…
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Good Customer Service Prevents Disputes and Chargebacks
Strong customer relationships are the backbone of any business. When your customers are happy and satisfied, the more likely they are to come back with return business, share social media and word-of-mouth recommendations, and be more patient with merchant errors. An important key is to ensure that merchant errors and missteps don’t happen during the…
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How to Prevent Friendly Fraud Under VCR
With every improvement made in security and customer knowledge, one threat remains constant: friendly fraud. Friendly fraud is the chargeback threat that can slowly but surely eat away at merchant confidence and profits. Some merchants accept that friendly fraud and chargebacks are simply the cost of doing business. Don’t give in to the fraudsters and…
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Fine Points of Customer Service
Effective customer service is no longer simply a nice-to-have. To succeed in this hyper-connected digital age, it must be a top priority for every merchant and brand. Making customer communication and satisfaction a priority goes a long way to prevent chargebacks. First, think about the common reasons customers give for filing a chargeback. Often, customers…
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Managing CRM to Prevent Disputes
Packages sometimes get lost. Products don’t always live up to expectations. Consumers forget they made a purchase. In other words, disputes happen. That’s why it is so important for merchants to devote as much attention to customer service as they do to designing their products and website. Merchants who emphasize customer relationship management will promote…
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Visa Claims Resolution and Merchant Liability
April always comes with anticipation, signaling an end to winter and warmer days ahead. Better weather motivates consumers to shop at outdoor markets, refresh their wardrobes, and spruce up their homes. This all points to good things for merchants. However, April 2018 brings a level of uncertainty with the rollout of the new Visa Claims…
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The Latest Data Breach: How to Protect Against Future Attacks
The recent news of hackers breaching the payment systems of Saks Fifth Avenue and Lord & Taylor department stores, stealing sensitive credit card information, is just one in a recent series of attacks affecting consumers. This comes on the heels of a disclosure from Under Armour that a hacker stole data from its MyFitnessPal app,…
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Shared Data: The Future of Fraud Prevention
Friendly fraud is on the rise. Chargeback costs eat away at revenue and productivity for merchants and issuers, and the threat of chargeback fraud is a constant worry. It’s time to end the practice of merchants and issuers operating in silos. Despite these liabilities, merchants and issuers continue to operate independently. In the current chargeback…
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VCR: Importance of Merchant-Issuer Collaboration
The changes introduced by the Visa Claims Resolution (VCR) program are right around the corner. With VCR coming into effect in April, merchants and issuers need to rethink how they currently manage and respond to chargebacks. The VCR program is designed with the intent of streamlining the transaction dispute process, thereby easing the burden on…
