Covid-19 Special NRS Pay Point of Sale Pricing: $699 (REG. $1299)
Covid-19 Special NRS Pay Point of Sale Pricing: $699 (REG. $1299)
In today’s business world, most transactions are made using credit cards. Credit cards make payment super easy and efficient. However, there can be one potential problem with the credit card payment system-it has chargebacks. A chargeback is when the cardholder disputes a charge on their account, and their bank will reverse the transaction using a chargeback. Chargebacks can be a waste of time and money, mainly because they go back and forth between the cardholder and bank when one of them agrees they are liable for it. Here we’ll go through how conflicts occur and what you as a business owner can do when faced with them.
There are many reasons why a payment dispute can occur. The most common cause is when a cardholder doesn’t approve of the charge on their credit card statement. Another common reason is when a merchant unintentionally charges a customer twice for something they purchased.
As a retailer, the cardholder’s issuing bank will notify you of a dispute. The bank will either hold or withdraw funds from your seller account and inform you of the situation. There are different ways the cardholder can be notified. The issuing bank can notify them via email, fax, an online portal, or mail.
If you are notified of a payment dispute, there are two options you can choose from to handle the situation. If you are not interested in wasting time, you can simply accept it. This will result in a loss of the amount of the disputed purchase. Whether or not you want to accept the dispute may depend on how much money is at stake. Merchants can also choose to appeal, but for this, you need proof. If you do not have sufficient evidence that the transaction was legitimate, your funds will be lost and returned to the customer. In addition, you may have to pay a fee for the payment dispute, which could range from $20 to $100. There may also be hidden fees that a merchant must pay in the case of a dispute. A retailer must successfully appeal to the customer’s accusation not to lose money.
If a merchant is notified of a payment dispute, they don’t have the option to appeal, and the seller will have a limited time to fight the complaint. If they can prove to the bank that the transaction was valid, they can get the money back. Examples of evidence that can be used to verify the validity of a transaction include emails, invoices, or shipping tracking information.
Although payment disputes can be a headache, you can prevent paying for them in several ways. A business owner can avert payment disputes through a refund policy. If you demonstrate to your customers that they can get a full refund for a product they didn’t like, the customers will be much more likely to return the product.
Another way to prevent disputes is by ensuring your products are up to your advertising standards. If your product quality matches what is advertised, customers will be more likely to keep the product and will not dispute the charge. To prevent customer reimbursements, you can ensure that no fraud occurs when a customer makes a purchase. You can check a customer’s credit card and get a signature on the receipt. For online purchases, you can have customers fill out a form requiring full card details, including a security code and expiration date.
Lastly, a business owner can also prevent chargebacks if the shipping process is efficient and functional so that customers do not miss packages. Shipping issues can be avoided by being transparent with customers about shipping delays and having quality customer service in the case of a damaged product.
Submit the form or call us at (888) 990-9913 to take the first step in getting the best credit card processing solution for your business!
By fbatista
