01 Nov Fight Chargebacks and Recover Lost Funds with These 4 Tips
Fight Chargebacks and Recover Lost Funds with These 4 Tips
Chargebacks are a severe issue for many businesses. They occur when a customer disputes a charge to their bank account, and the merchant is left with no way of recovering lost funds. Chargebacks can be devastating to your business if you don’t know how to fight them off, but luckily we have four tips that will help you recover some of those lost profits!
- Did you know that all refund policies must have verbiage on the customer’s receipt? Also, signage on the refund policy must be present where the transactions take place. Include an email address and telephone number with your contact information on the customer receipts, so customers will be more inclined to contact you before filing a dispute if they can do so directly.
- The majority of chargebacks come from online transactions. If your business has an online presence, it is essential to have your business phone number on your billing descriptor. A billing descriptor identifies payments and aids cardholders in determining and recognizing the purchases they’ve made and where they came from.
- (example: KingsDecor 888 881 8888)
- If your business is a storefront business, avoid keying in credit card numbers. When you swipe or use EMV chips, disputes surrounding transactions are considerably more challenging to resolve. Furthermore, because these more secure payment methods involve less fraud risk for your company, your processing fees will almost always be lower.
- Use a chargeback management tool. Using chargeback management is the process of recouping revenue lost to chargebacks while analyzing your chargeback data in order to avoid future charges. Our Chargeback Management Portal has been helping merchants keep track of their chargebacks, fight against them, and regain lost revenue.
Targeted Merchant Solutions offers a advanced Chargeback Management Portal that allows you to stay on top of your dispute responses, chargeback documents, and transactions. Receive an instant notification to your phone and email once a new dispute occurs. Respond to chargebacks immediately and reduce the risk of lost revenue.
Let us handle the paperwork and provide you with the necessary tools to prevent future disputes, so your business can stay focused on what really matters – sales! Contact us today for more information regarding our chargeback management tool. Chargebacks are stressful enough.