Success with Chargebacks!

• 

  Why did the bank take my money! 

Chargebacks are a forced transaction reversals initiated by a cardholder's bank. In other words, one of your customers were unhappy for any reason, they did not get satisfactory results when they came to your company for resolve and therefore submitted a request to their credit card company to get back their money! This mechanism is meant as a consumer protection mechanism against merchants who might be tempted to sell sub-par products or services. Merchants are forced to be more transparent in their dealings with their customers for fear of getting a chargeback. This is NOT to say that today, many customer are abusing this mechanism just to get stuff FREE!

How can I protect my business from Chargebacks? There are several things you can do to prevent disputes and chargebacks from happening:

• Provide your contact information everywhere. Buyers may not resort to a dispute or chargeback if they can talk to you about the problem. 
• Good Customer Service is a MUST for not getting disputes and chargebacks
• Be responsive. No one likes to wait! Make it a habit to respond to a problem within 24 hours. Allowing an issue to fester into a bigger problem, pushes customers to resort to legal matters like chargebacks.
• Suggest Dispute Resolution - compromise. Find some middle ground or look at the big picture....how will this disgruntle customer talk about our company to others. How can that negatively impact our business?
• Provide a clear return policy. Make sure it is visible EVERYWHERE! We suggest at the bottom of every page on your website. That the bottom of your receipt and of course something written right next to your check-out area of the store. 
• Leave nothing hidden and you will find yourself better covered. The more transparent you are the less costly chargebacks your company will get.

What happens when I get a chargeback? 

• Your customer has written a letter to their credit card company with a complaint about their purchase. 

  Wrong product sold

  Damaged product on delivery

  Fraudulent use of customer's credit card

  Tried to return merchandise to company but issue was not resolved.

• You get a chargeback dispute in the mail.
• You have 14 days to respond to this dispute letter with corresponding paperwork. 
• If you prove that you had visible Refund/Exchange Policies, that your product was not damaged or sent wrong, you may be able to win your dispute. 
• Most merchants don't even open their mail prior to the 14 days to know they had a chargeback! 
• Many do not have Refund/Exchange Policies visible EVERYWHERE and lose their disputes. 

Lastly, taking credit card information over the phone is VERY RISKY! Are they who they say they are? Is it their own credit card? Many merchants think that if they send out a Credit Card Authorization Letter for signature, they are covered....YOU ARE NOT! In order to win your dispute, you will need Photo ID from the customer, a picture of the credit card along with the Authorization Letter. If you key-enter into a machine, make sure you click on CARD NOT PRESENT. By saying the card is present, you run the RISK of having your dispute denied due to the fact that you lied by saying the card was present! 

We highly suggest that if the customer is not present that you refer the client to purchase online at your website. Your website can have VERY STRICT guidelines to help prevent fraud and potential chargebacks. The client inputs all their data and no member for your company is taking that information manually and putting it into a machine or Virtual Terminal. If it is a large priced sale, we highly recommend that you use ACH Accounts. 

Merchant Processing Solutions Inc has been highly successful in helping our clients mitigate their chargebacks. We ask our merchants to contact us if they get a chargeback so we can help them review the dispute and prepare their defense. Many times with the right paperwork, the dispute is favorably resolved for the merchant. 

We had a large client that was getting more than 25 chargebacks a month during their busy season. We found out that they were accepting credit cards wireless terminals that were cutting out constantly. This created confusion as to whether the transaction actually went through or not!! We suggested hardwired Internet terminals in to their multiple locations. The transaction began going through seamlessly and not duplicate transactions were being create. This merchant went down to less that 5 a season!! 

Testimonial: 

Yamilet, Claudia and Stephanie are the most dedicated customer service people I know. I make a phone call and get results! Recently, I had a customer dispute a large transaction. My "no nonsense women" reviewed my dispute documents, told me what I needed to provide and helped me get those submitted to the right people. Within a couple of days, the money was returned to my account! 

I love working with Merchant Processing Solutions they do everything and go above & beyong to make sure their clients are happy.  I can reach them at any time and I feel their smile shining through the phone as if they were right in front of me.  They are extremely reliable and passionate about what they do and I will support them always.  Merchant Processing Solutions is great to know and work with.  I would not trust anyone else with my merchant account.

Marj - Jus HipHop

 If you want a merchant processing company that cares this much about you and your business....call us today!     954-938-2420