Are you tired of getting charge extra fee for chargebacks and fraud transaction? Learn more about Chargebacks fee and watch the following video about how to reduce chargebacks and fraud transactions. Few easy steps will ensure your business is profitable and reputable.
No merchant likes chargeback. If you’re a business owner, that’s probably obvious for you too. A chargeback is a transaction in reverse. Rather than putting money into your account, it takes money out, And you have to pay a fee for every chargeback. Plus if you get too many, your processing account could be closed.
There are various reasons that a transaction can be disputed and returned to the chargeback processor, but most chargebacks occur as a result of the fraud. Here are few tips and tricks for card present and card not present transactions.
For card present transactions look at the expiration date. and the signature panel. If there’s no signature checked the customers ID and ask customer to sign the card. If the customer refuses, don’t accept that card. Always get an authorization for every transaction by swiping the card through the terminal. If the card won’t swipe follow manual key procedures and get a card imprint. Be sure to match the name and the account number on car to the information on the receipt, and match the printed four-digit number to the embossed numbers on the card. And of course always get signature. And finally look for the hologram. It’ll be on the front or back and should reflect light and appear to move.
For card not present transactions, always obtain an authorization, ask the customer for the expiration date included in your authorization request. Verify the card code that’s the three digit security code located after the credit card number. According to VISA, verifying the card code. According to VISA, verifying the card code can reduce the instances of chargebacks by 26 percent. it’s also a good idea to use the address verification system, or AVS it’s a nationwide system that verifies the identity of a person claiming to own the credit card. It makes sure the address entered on order form matches the card holders’ billing address.
By the way, not using the AVS will always result in higher processing fee. Scrutinize orders from foreign countries extra carefully. AVS is not global and it doesn’t hurt to be suspicious even order doesn’t seem quite right. Call or email the customer to verify that he or she actually place. If your business delivers products use a carrier that requires a signature on delivery and gives you a copy of it. And finally be cautious when accepting orders from customers who use a free email address such as Hotmail, Gmail or Yahoo. Tracking them is almost impossible.
Sometimes a chargeback as a result of double charging, credit card expiration or customers disputes. To avoid double charging, double-checked even triple check the amount you’re charging both on the terminal screen and receipt. And always check the expiration date on
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