5 Ways to Protect Your Business from Chargebacks

Apr 14, 2016

Chargebacks can be crippling to any business. Right now, merchants are fighting an increase in fraud as the EMV liability shift sets in. Still there are some proactive measurements that merchants can take to avoid or fight unfair chargebacks. The following are the 5 top ways to protect your business from fraudulent chargebacks.

  1. Use Credit Card Processor Protocol. Be sure to follow the credit card protocol designated by your processor. When performing card-present purchases, be sure to check the expiration dates and input the security codes on the credit card. Train your employees to recognize the warning signs of fraud and to look for suspicious activity at the POS.
  2. Use a Clear Payment Descriptor. The payment descriptor contains your company’s name and details that will appear on the customer’s credit card statement to avoid any confusion after purchases are made.
  3. Prevent Chargebacks with Customer Service. Try to prevent chargebacks with good customer service. If a customer is unhappy, management should address issues immediately. This approach usually works to effectively resolve customer concerns.
  4. Keep Accurate Records. This includes tracking credit card transaction dates and authorization information to fight chargebacks.
  5. Pick Your Battles. Every chargeback costs a fee and excessive chargebacks can hurt your business’ credibility with lenders. So only fight chargebacks you think you can win.

EMB Chargeback Shield

EMB’s Chargeback Shield, is powered by Verifi and CDRN, and is a program that practically eliminates the frequency of chargebacks by 15-30%. Chargeback Shield is a specialty chargeback suite that monitors, tracks, and alerts merchants when a customer files a dispute with their bank. eMerchantBroker offers merchant chargeback protection with Chargeback Shield

You deserve to be notified of any threat to your profits. The Chargeback Shield will defend your assets, while you worry about running a successful business. The presence of the Chargeback Shield takes the risk out of high risk business. The Chargeback Shield – just another essential service that makes eMerchantBroker that best place for your merchant account. Don’t wait for competent merchant chargeback protection. Call now to discover how Chargeback Shield can keep your company safe at: 1-800-621-4893.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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