How Problematic Are Chargebacks for Business Owners?

Chargebacks for Business

Chargebacks are a reality of accepting credit card payments. While many chargebacks are requested for valid reasons, there are plenty of cases in which disputes are initiated despite the merchant holding up every aspect of their end of the bargain. Unfortunately, many merchants don’t really understand the dispute process, how to handle a chargeback, or the consequences that chargebacks represent to the health of their businesses. Those consequences can include unexpected drains on revenue, penalties levied by the card companies, and across-the-board rate increases. 

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What Visa and MC Updated Dispute and Fraud Monitoring Programs Mean For You

Merchant Services

For obvious reasons, the major credit card companies take fraud and excessive chargebacks very seriously, and companies like Visa and Mastercard have put forward thorough monitoring and tracking systems to try to prevent the losses associated with them. In October 2019, both companies made changes to their chargeback and fraud defense programs, and it’s important that merchants keep up on the details of those changes, as getting tied up in any of these programs can result in costly fines and burdensome assessments.

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5 Effective Tips to Win More Chargebacks

Chargebacks

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. 

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How PayPal’s New Refund Policy Impacts Your Business and What You Can Do About It

PayPal, Square, or Stripe

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. 

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Authorize.Net Direct Post Security Upgrade: Updating MD5 to SHA-512

Authorize.Net Direct Post Security Upgrade

Authorize.Net – the most popular payment gateway service provider in the world – is in the process of making a big change to how it verifies transactions, and that change impacts the business of every single one of their Direct Post users.

The company is phasing out MD5-based hashing and switching to SHA-512 signature key hashing. The last stage of the switch goes into effect on June 27th, 2019, and every business using Authorize.Net Direct Post, including BAMS users, will have to switch over before that date to avoid interruptions to their payment processing services.

To a lot of merchants, this might be a confusing topic or seem like an unnecessary hassle, but this change is an important step in keeping Authorize.Net’s transaction security on the cutting edge – something that benefits every single merchant on the platform.

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How Your Business Can Protect Itself Against Chargebacks

Chargeback Protection

Chargebacks are an unfortunate reality of accepting credit card payments, but they aren’t something businesses have to lie down and accept without a fight. Some chargebacks are completely legitimate, like cases where a purchase was made fraudulently by a third party. But many chargebacks are fraudulent, frivolous, or abuses of the system. In those cases, there is no reason for a company to accept losing the revenue, the product, and the additional chargeback penalty, and fighting back is in order.

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Why Chargeback Defense Is Important?

Chargeback Defense

There are only so many parts of running a business that you can prepare for. Like many aspects of life, it’s difficult to truly understand what it takes to be a successful business owner until you’re in the thick of it.

For example, one thing that no one tells you about starting a business is just how problematic chargebacks can be to an owner’s bottom line. Individually, these fees may not add up to much, but when underestimated and mismanaged, they can end up costing you big time.

When searching for the right payment processing solutions for your business, consider the importance of chargeback defense.

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Why BAMS Is The Perfect Solution For Your E-commerce Business?

E-commerce Business

Over the past decade, the world of e-commerce has completely transformed consumer purchasing behaviors. Practically everything you once had to procure in-person can now be purchased from the convenience of your couch through a series of clicks, taps, and confirmation emails.

In fact, 1.79 billion people worldwide made a purchase online in 2018, with that number expected to grow to 2.14 billion by 2021. The moral of the story: your customers are shopping online with money that’s burning a hole in their pocket.

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