Stop Chargebacks with the Cardholder Dispute Resolution Network

Dec 17, 2013
Stop chargebacks from harming your business' time

Chargebacks Harm Your Bottom Line

A chargeback is when a customer reverses the transfer of funds from their accounts to your business due to a dispute regarding the transaction. Whether the product or delivery was faulty, there was a processing problem, or even occasionally fraudulent purchases, chargebacks are a costly issue that can cost a business large quantities of money and time. Chargebacks absorb internal time and effort in your business and damage your reputation with your bank or merchant account provider.

How can you Reduce Chargebacks?

The Cardholder Dispute Resolution Network (CDRN) can help reduce your business’ chargebacks and protect you from fraud. Customers opt to contact their card issuers for transaction disputes, cutting you the merchant out from the loop about chargebacks. CDRN redirects the dispute process to you, the merchant, in order to reduce complications and allow you to resolve the dispute as quickly and effectively as possible. 

How does CDRN Work?

1)   The customer contacts their card issuer and the issuer’s system identifies you as a CDRN registered merchant

2)   Verifi screens the transaction eligibility and notifies you, the merchant, about the dispute

3)   You then have three options to handle the dispute

◦     Stop delivery of physical goods

◦     Process the credit transaction and halt recurring payments

◦     Take no action and risk a chargeback

4) Verifi responds to the issuer confirming the resolution of the dispute

What are the Tangible Benefits of CDRN?

The most obvious benefit is that you can stop chargebacks. CDRN can reduce your chargebacks by up to 30%. You also will always receive immediate notification regarding disputes by customers. This will allow you to identify any product or delivery issues, ensuring quality performance for your customers. Costs in time and resources will be reduced by stopping chargebacks. Finally, you will be able to protect yourself and stop fraudulent shipments before they become a loss.

Stop chargebacks from harming your business’ time, resources, and bottom line by registering with CDRN. By registering you improve your customer service, protect your business from being taken advantage of by fraudulent purchases, and streamline your transaction dispute processes. For a small business where time, money, and resources are at a premium the CDRN is an invaluable service.

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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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