The main purpose of a chargeback is to protect cardholders from unauthorized charges to their credit card. It’s not always possible to prevent chargebacks from happening but there are ways to reduce the number by implementing a chargeback management strategy at your business. Being organized is crucial in fighting chargebacks successfully. We’ve got a few basic suggestions to get you started.
The chargeback mechanism is great when it comes to protecting cardholders. The unpleasant part for a business owner is when a fraudulent transaction takes place or an unethical cardholder uses the chargeback process to get a refund or to game the system, the liability is on the merchant. Having an effective chargeback management program in place is a must to reduce revenue loss and keep your company’s chargeback rate well under 1%.
Tedd Huff, VP of Products, is a 19-year veteran of electronic payments, providing businesses with strategic and tactical direction by enabling a value-driven user experience. His goal is to simplify the complexity of payments and promote growth in emerging markets through fields such as mobile payments, e-commerce solutions, online fraud prevention and security. Tedd has headed a FinTech startup and delivered innovation and process improvements for multiple dominant payment organizations. As Vice President of Product for GlobalOnePay, Tedd heads up a team of global payment specialists, helping businesses grow faster by accepting a wider range of payments from virtually any market in the world.