
First of all, any responsible merchant should monitor who is purchasing, and where they are shipping. Be sure to investigate any orders that are coming from an area known for high fraudulent activity, such as Eastern Europe (Russia, Ukraine, Belarus, etc.) and Indonesia. Also, require all purchasers to provide a CVC or CVC2 code (the code on the back of the debit or credit card). A hacker normally would not have these codes on hand, so it helps prevent fraudulent activity. A third combatant, and perhaps the most important, is chargeback insurance.
While chargeback insurance does not keep chargebacks away, per se, it does help alert you to the activity. Without chargeback insurance, the majority of merchants are not alerted to pending chargebacks. By choosing chargeback insurance, you are not only helping your business, but also your customers. It is always wise to post about chargeback insurance on your website, telling how it will help customers in the case of a fraudulent transaction. This can put customers at ease, especially if your web store is new, and there are not many online ratings for it. Chargeback insurance is affordable for you, and easy to acquire, especially though eMerchantBroker.com (EMB).
EMB has one of the highest rated chargeback insurances suites available in the USA. They have partners with Verifi and CDRN to help notify you of the chargeback. Once the CDRN is involved, they inform you, the merchant, immediately regarding the dispute. The merchant will receive the request and can then choose themselves whether or not the dispute should be refunded or declined. This is the pivotal step allowing your business and your transactions to come back within the realm of your control. The CDRN reduces the frequency of chargebacks by 15-30%, a percentage that represents a significant amount of your business’ revenue.
Chargebacks are devastating to any company, especially a high risk company. They seem inevitable, however by investing in chargeback insurance you can limit the number of chargebacks you pay out.
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