6 Tips for Preventing Credit Card Chargebacks.
As a business owner, you have more important things to deal with than credit card chargebacks. They can be time-consuming and expensive. Here are some tips to help avoid them:
- Use a name your customer will recognize as your credit card descriptor. Customers who do not recognize the business name on their statement are more likely to dispute the charge. If, for some reason, your descriptor is different from your business name, make sure you explain that to your customer.
- Make sure your credit card terminal is EMV compliant. EMV compliance adds an extra layer of protection to credit and debit card transactions, making it more difficult for fraudsters to steal sensitive information.
- Make sure your customer always dips or inserts their EMV chip cards into your machine and they swipe non-chip cards. Having to key in the card number increases the risk of fraud and chances for mistakes in typing in card numbers. Not to mention, it typically costs the business owner more.
- If you accept card not present transactions, ensure you require additional information such as the CVV and address information. Ensuring this data matches during the approval process will reduce fraud and chargebacks.
- Enter all data carefully when processing a charge. The wrong dollar amount on a statement will cause your customer to dispute the charge. A good practice is to verbally double-check the transaction total and card number before processing the sale.
- Remember always to trust your instincts when handling customer transactions. Look for any red flags, and do not hesitate to ask questions if something seems off. Your attention to detail and caution will help ensure a smooth and secure transaction process.
The right credit card processing partner who can guide you through best practices is essential to prevent credit card chargebacks and keep your business operations running smoothly. Contact us at (877) 773-6605 for more information.