Chargeback Protection Program | Reduce Chargebacks
All businesses that sell products and services to consumers should be aware of one of the major risks associated with credit card processing; chargebacks. Often businesses have little control over chargebacks and they can be extremely damaging to a business. Chargebacks in the credit card industry tend to be extremely one-sided, in favor of the customer, leaving merchants are at the mercy of the customer’s word.
It’s in the best interests of any merchant to continually strive to reduce chargebacks. If the chargeback ratio exceeds a specified number, the merchant account will be terminated and the business owner will be placed on a black list know in the industry as the TMF (Terminated Merchant File).
Why Do Chargebacks Occur?
There are numerous reasons chargebacks occur. These can include fraudulent credit card purchases from stolen credit card data as well as purchases made using expired credit cards.
Often, chargebacks are the result of less-than-satisfied consumers that fail to reach an agreement with the merchant. Sometimes customers simply forget that they made purchases and their first reaction is to dispute the charge with their credit card company.
As soon as a customer invokes the chargeback process, the damage to the merchant begins, as the process is irreversible. A business with a charge back percentage as low as 2% is at the risk of losing their merchant account, which will immediately paralyze the business.
How to Prevent Chargebacks
Even businesses that are vigilant in protecting the integrity of customer data and very careful to acknowledge customer concerns are at risk of being crippled by chargebacks. The truth is chargebacks will happen regardless of the precautions taken by merchants. And it takes as little as 2 disputes in 100 sales for a business to be in jeopardy. But there is a light at the end of the tunnel. The key to reducing chargebacks is to have more control over the process.
Chargeback Protection Program
The Transaction Group offers a chargeback protection program as an add-on to a new or existing merchant account. With our charge back protection program, the merchants have greater leverage in fighting customer disputes with credit card companies.
This program is an integrated solution that allows merchants to better track and receive updates on pending disputed transactions. Merchants enrolled in the chargeback protection program have the opportunity to investigate customer disputes and more effectively resolve these disputes before they are reported as chargebacks.
In the program, each incident costs far less than the cost of chargebacks. The chargeback protection program enables merchants to win 30% more disputes and spend less 40% less time per chargeback.
Not only does this program save merchants from throwing away revenue, it can prevent a merchant from being placed on that much feared list, the Terminated Merchant File.
Enroll Today And Reduce Chargebacks
Don’t let customer disputes ruin your business. Contact us today to learn about the best options and pricing to protect your business. Email us at: firstname.lastname@example.org or call us: 888-383-8056. We look forward to standing up for you.