Chargebacks are a reality of accepting card payments, and no merchant doing any significant volume can avoid them altogether. Sometimes a chargeback is outright fraudulent, and many are the result of poor customer service or misunderstandings between merchants and customers. But whatever the reason may be, merchants need to be ready to fight back when disputes arise. Knowing how to respond is the key to success, and the following five tips represent effective ways to improve dispute responses to ensure more victories and less lost revenues.
Intuit’s QuickBooks is undoubtedly the king of the hill when it comes to popular cloud-based accounting software. But there are a number of competitors on the market currently offering their own robust accounting products capable of challenging QuickBooks’ dominance. Three of the most popular QuickBooks alternative include Xero, FreshBooks, and Zoho Books, each offering their own unique features, benefits, and drawbacks. Choosing the right one can be tricky, so we’ve provided a summary of all three below to identify which users are best suited to each platform and what differentiates each of them both positively, and negatively.
What makes a reasonable transaction fee? Amazingly enough, a lot of merchants never ask themselves that question, and failing to think about fees almost guarantees overpaying them. Flat fees, like the kind charged by PayPal and Stripe, are probably among the most common out there. They’re straightforward and easy to grasp, and as a result, many merchants simply accept them and never give it a second thought. And while flat fees – like PayPal’s 2.9% + $0.30 on all transactions – are fine for some businesses, for others, they represent massive waste and a drain on profitability.
On May 7th, 2019, PayPal updated its user agreement and made a big change that impacts every single one of their sellers in an inarguably negative way. Prior to the change, any time a refund was provided to a customer, the slice of the pie that PayPal had taken on the transaction was returned to the seller. That’s no longer the case, and PayPal will now be keeping that fee regardless of whether a transaction is refunded or not. The decision represents a big problem for high-volume and B2B sellers, as well as sellers who sell high-ticket items that carry hefty transaction fees. A large number of sellers are balking at the change, and with good reasons, considering it doesn’t just nullify revenue, but actually takes money out of a seller’s pocket based on something that, in many ways, they can’t control.
On May 31st, 2019, QuickBooks discontinued support for their QuickBooks Desktop 2016 accounting and finance software – one of the most popular accounting and productivity tools available. That discontinuation was planned and shouldn’t come as a surprise to any Desktop 2016 users, but it still causes headaches for QuickBooks’ large 2016 userbase, annoying some even more so considering that the 2016 version isn’t all that old as far as software goes. While the discontinuation doesn’t totally brick the software for current users, it does cause some notable limitations in popular features and addons that many users – especially at the enterprise and pro levels – will need to figure out a solution to.
Cart abandonment is one of the biggest problems plaguing online merchants, and 88% of all consumers have abandoned a shopping cart without completing the transaction at some point. That makes minimizing cart abandonment a key goal for online merchants looking to maximize revenues and profitability. Here are ten of the best eCommerce tactics merchants can use to stop cart abandonment and see more customers through to order completion.
Shopify is a great platform, and its ease of use has resulted in skyrocketing popularity over the last few years. But as an all-in-one solution, Shopify also comes with some major downsides – namely the costs. As with all third-party payment processors, the fees charged by Shopify on transactions are higher than the fees charged by traditional merchant accounts. That’s no big deal for smaller sellers doing a low volume of sales with low revenues, but for bigger companies bringing in significant revenues, keeping the percentage fees on transactions as low as possible is key. For those companies, a much better solution is to combine a traditional merchant account with a dedicated eCommerce platform. Luckily, there are plenty of great alternatives to Shopify for merchants to choose from.
Let’s talk about PCI Compliance. In the summer of 2019, it came out that Capital One – a credit card issuer themselves – fell victim to a hack that exposed the data of 100 million cardholders and applicants. That might seem extreme, but it’s only the latest in a series of high-profile security breaches that have resulted in the theft of personal data. In 2018, Marriott discovered a years-long breach that exposed the data of 500 million customers. In 2014 a breach exposed the data of 56 million Home Depot customers, and a year before that, Target was hit with a hack that exposed 110 million customers. Other household names that have fallen victim to hacks in that time have included Yahoo, Adobe, eBay, Sony, and more.