First, let's go through "Chargebacks 101". Chargebacks occur when transactions are reversed and can occur for many reasons including double-charging, credit card expiration, bank error, fraud and the list goes on. They are a major drawback to accepting credit cards because instead of receiving the funds from the customer, the amount of the order is deducted from your merchant account. In addition to the loss of revenue, too many chargebacks can result in losing your merchant account altogether.
There are a number of ways to avoid chargebacks. Most of the instances of fraud-related chargebacks can be avoided by:
There are a number of ways to avoid chargebacks. Most of the instances of fraud-related chargebacks can be avoided by:
- Using address verification
- Following-up with customers directly, on suspicious orders
- Including invoices with all shipped orders
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