28 Oct How to Avoid Chargebacks
Chargebacks are one of the worst things that can happen to a small business. When this happens, not only will a company lose out on the money for the transaction, but the credit card processing company will also charge a fee. While some view this as unavoidable, with these three tips, a company can largely avoid chargebacks.
Work with the customer: When a buyer has an issue, the company should speak to him or her and try to resolve the issue. To do so, a website creator must put a contact us page that people can find without much searching. With this page, a client should have no trouble voicing their concerns and trying to rectify the problem. Otherwise, when a company does not offer support, a customer will initiate a chargeback. Furthermore, a business owner will probably lose as most merchant account firm’s side with the paying customer unless it is obvious fraud. While it hurts to offer refunds to customers, it is better than a chargeback which will cost the company a lot more money and hurt its reputation.
With these three reasons, it is obvious why an entrepreneur should avoid chargebacks. Fortunately, with these tips, one can avoid angering customers and hurting their relationship with the credit card processing company providing the service.