How You can Keep Credit Card Losses Under Control

Credit Card

As a business owner, you will want to minimize credit card fraud and dispute losses. Credit card fraud is more than another person using another’s card because it can happen when a customer buys something and then makes a claim that the charges were made by someone else. You must know all about chargeback fraud protection for merchants and how to dispute credit card chargebacks. To help you through the process, here are some things that you can do to keep the problem to a minimum.

How You Can Dispute Credit Card Chargebacks

Credit card fraud and chargebacks are happening more than ever before because the number of people using their cards is rising. But there are some things that you can do to keep it from happening to you.

  • Call the customer and find out if there are any issues and why they want a refund. In some cases, it is a matter of the person forgetting that they were charged to pay for your services.
  • Do not put off fighting the dispute. You will only have a short amount of time to present your side of the case before the credit card company finalizes.
  • Be overly complete with the information you provide to the credit card company. You will have to prove your case and show that the person did buy your services or merchandise.
  • Keep your records up to date. If your information describing your business is old, the customer may not know that it was your store that they used their card for shopping at.
  • Use the devices available to you to prevent credit card chargebacks. You can pick up this technology from your processor and get the help needed to install it. 
  • Check the customer’s ID before running the transaction. If the card is stolen and the owner sees the charge, you will lose the money and merchandise because your ID was not checked.
  • Take time and train your employees to identify and fight fraud. The loss of revenue will affect them along with you.

There are a lot of ways that you can fight credit card fraud and chargebacks. The most effective way is to train your people and communicate well with customers and processors. There is no reason you should have to suffer a loss based on one person making a mistake trying to pull a fast one on your company.

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About the Author: Mike