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What You Need to Know For a Successful Chargeback Dispute

If you have a credit card or you are a merchant who has credit card facilities for your consumers you have probably been in a precarious situation with potential scammers trying to access your account information and have been trying to find ways to help you prevent chargebacks and ways to maximize your data security. Chargeback prevention can be a tedious and time-consuming process but when done properly,  it can help you to keep your money and personal information secured at all times. All credit card providers have issues with transactions that end up being disputed for numerous reasons ranging from minor clerical issues to major fraudulent charges. 

Additional Measures 

As a significant security measure, banks have a myriad of consumer protection features but at times these may be insufficient to protect you from threats that are beyond control. The following are some of the additional measures that you can take as a consumer or merchant to decrease your chances of costs associated with chargeback prevention with your banking facility. 

  • As a merchant, having a detailed and concise store policy including a return policy that is easily accessible for your customers is important. 
  • It is imperative to analyzing suspicious orders and ensuring that the images and product descriptions match the item that you are buying so that you can provide help desk service agents with adequate information should you have any issues with your order. 
  • Make use of your risk analysis indicators because they are designed to assist with investigating potentially fraudulent purchases that can be assessed by different behavior types. 
  • Follow properly outlined payment processing protocols because failure to do so could help the credit card network to automatically rule against you should a dispute ensue. 
  • Having exceptional and reliable customer service to manage some customer issues by issuing out direct refunds in some instances can cost you less than a chargeback. Communication with customers and providing contact information is vital to rectifying clerical errors, especially if you are running an online business. 
  • Check credit card information for issues related to card expiration and ensure that magstripe-only cards have a signature for processing purposes.  
  • Some customers are notorious for making unscrupulous purchases and then claiming that they never did. To avoid losing money and many transactional reversals, it is crucial for a business, particularly a small business to keep a clean and updated record of all transactions that have been made to dispute any suspicious purchases by potential scammers. 
  • Sometimes consumers change their minds about purchased items because of shopping delays. As a merchant, using a fast and reliable shipping company will help you to avoid many reversal issues of already purchased items. Be transparent with estimated shipping times and any delays to the delivery. ​​​​

The Takeaway

If you have a credit card or a store that uses credit cards, it is important to ensure that you follow protocol at all times and to know all the policies that are available as a way to offer different measures to protect you from fraud and other inconveniences such as chargebacks.

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