Right Chargeback Prevention Strategy – A prevention strategy is necessary when you are dealing with the chargeback. Every enterprise establishes its methods to fight against the chargeback and also uses the other basic prevention methods. If you own a business then you can study the condition of your business to avoid a chargeback.
Also, you can try the Right Chargeback Prevention Strategy discussed in this article. If you are starting to create your own strategies to prevent chargebacks then these are the point to keep in mind:
- Nature of your business and the kind of product you sell
- The market price of the goods you are selling
- The kind of customers you are targeting
- The transaction method used: credit card, debit card, net banking, or cash transaction
- Location of your business and customers
These are the points you should keep in your mind when making the Right Chargeback Prevention Strategy for your business.
Chargeback Prevention Strategy for your Business
For the growth of your business, it is important to establish some ground rules for your business. These rules should be followed by all your employees. Now there are other preventive steps that you can take for your growing business to get more benefits.
Monitor the Business
It is the first and the most important step when it comes to preparing Right Chargeback Prevention Strategy. You just need to monitor the business carefully for the frauds and disputes. This method can help you a lot when creating the chargeback prevention scheme
- Manually review the transactions of your enterprise
- Monitor every chargeback and try to find the core reason for those chargebacks
- Also, keep a keen eye on the customer and blacklist the suspicious ones
- Try to understand the weakness in your business and build a robust defense mechanism
Initiate Small Changes
After you are done observing the business and ready with the Right Chargeback Prevention Strategy, you should start steady and slow. A sudden change can be difficult for both your customer and employees.
- Create a chart of observations and a set of rules to be implemented
- Make a few minor changes at first and try to get as much feedback as possible
- This will help you understand whether your plan is working or not
- You can try one step a month rule. Where you introduce something small and new each month
- Then review the effects of these rules later
Beware of Payment Gateway Frauds
There are many fraudulent activities going on due to the payment gateway ignorance. If your payment gateway is not secure then the credit card details can be stolen easily. In some cases, a small amount is stolen from every transaction, which can further lead to a major loss. And these issues can be reflected in your business.
So, make sure the gateway service you are using is secured. They should be the one to stop the fraudulent transactions. Sometimes, the attackers use the stolen credit card details to make a purchase. When the actual cardholder knows about the fraud, he may put that transaction under chargeback. Contact Chargeback Expertz to help you with the Right Chargeback Prevention Strategy.
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Know the Difference between False Positive and False Negative
In order to run a successful business, one must know the difference between the false positive and false negative. Also, try reducing the events leading to chargeback with the help of a Right Chargeback Prevention Strategy.
- The transaction that could be avoided.
- When you stop a legitimate buyer from the transaction, it can be detrimental for the business.
- This kind of error happens when the payment gateway declines the transaction, the customer has the wrong card or bank error.
- Some attackers hack the system and exploit the vulnerable part of the payment system.
- They use these malicious codes to hide from the security system and complete the transaction without any fraud alert.
- This issue can be avoided by creating a strong set of rules to tackle such situations.
When in Doubt take Advise of an Expert
Chargeback system, Chargeback reason codes, Representment, and Chargeback Management can be tricky for some people to understand. And even when you understand these terms, it can be really difficult to manage the business and fight chargeback at the same time.
In such a situation, you need an expert to help you deal with your transaction disputes. To reach chargeback specialist, place a call at the toll-free number +1 855-465-4723 and contact the Chargeback Expertz team via Skype. Take the help of an expert to design the Right Chargeback Prevention Strategy for your business.