Chargebacks are the detriment of everyone concerned. Whether it is the person that bought the product, the place the product was purchased or the cardholder’s bank. It causes issues for everyone and a long line of paperwork. Sometimes it can take several weeks to months to get a discrepancy taken care of and by then most everyone has forgotten what happened; everyone except the person that bought it.
All you have to do to get Credit Card Chargeback insurance is ask your merchant account servicer. They will point you in the correct direction, unless of course, they carry the insurance themselves. Most times you are covered with your merchant account.
This coverage will apply to a number of different circumstances, including:
• A credit card lost or stolen and used before the cardholder notices the missing item and before they can report it.
• Credit card number generators or those that counterfeit any plastic cards.
• Post Purchase or ‘ship to’ information changes
• Signature mismatch or a signature is not on file at all.
Merchants are reimbursed for:
• The cost of the stolen service or the stolen product from someone else using a card that is not their own.
• The loss of the profit from the theft.
It is known that a typical chargeback insurance policy will cover only the losses on the credit card transactions purchased through its own specific credit card processor or payment gateway. Not any other.
So when you
When you decide that you are in the market for a merchant account, here are a few questions you need to be asking them, before you ever sign on the dotted line.
- What exactly will my business be covered for?
- If someone steals a card and they buy from me and the stolen PIN numbers are properly used, what will I be out of?
- Do I have chargeback insurance with the issuance of this merchant account?
- How high is my coverage for fraud?
- Do you or do you not cover me for losses?
- Why do I need to have a merchant account with you?
They will have a lot of questions for you and similarly you need to have a lot for them. A good symbiotic relationship will get most of the answers out of the way before they begin working together. A lot of the good merchant account servicers have live chat and they answer the phone when you call them. They are the ones with good customer service.
There are serveral
After trying to find the top rated merchant accounts, this writer discovered that it is subject to change depending upon the writer doing the list. So, the best thing you can do:
• Ask a lot of questions.
• Find answers that work for your business. Meaning, don’t stop until you understand how it will benefit you and your business.
• Work only with the one merchant account servicer that makes you feel safe and not over charge you for their service.
Click below to apply today