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.
Cash may have certainly been king at one point in time, but nowadays, card-based transactions reign supreme for consumers and the businesses they shop at. 77% of consumers prefer to pay with credit and debit cards over cash. With this in mind, making decisions around the payment types you’ll accept as a business owner proves crucial for maintaining long-term positive cash flow. While opting for cash payments only may save you on transaction fees, it limits the purchasing potential for customers both in-store and online.
New York City is one of the biggest cities in the world and is the home to many businesses of all sizes. For those that are based out of New York City, having access to a local merchant service provider would be very beneficial. There are several different benefits of hiring a New York City merchant services provider that can make it the best option for your business.