The credit card chargeback process is one of the most frustrating things for merchants to deal with, especially if you’re running an e-commerce business and you’re dealing primarily with card not present transactions. While it’s important to make sure that your business is using secure payment processing solutions in order to protect your customers’ information, it’s also important to make sure that you’re protecting your own business from the financial disasters of too many chargebacks!
Here are just a few ways you can enhance your merchant chargeback protection before the credit card chargeback process even begins:
- First, it’s important to make sure that your payment processing systems are up-to-date with the latest security features, and that you’re following all the standard rules and regulations for credit card payments and card not present transactions. Businesses that fail to take these standard precautions often end up paying for more chargebacks.
- Keeping detailed records of every transaction is other way to ensure that your business is protected — the credit card chargeback process is frustrating and annoying already, but if you don’t have detailed records about the transaction in question, you’re going to be dealing with a lot more stress. These records can help you figure out if a security breach occurred and whether your business is liable or not.
- Last but not least, remember that there’s no such thing as too much security when it comes to making card not present transactions. Maybe this means that you won’t accept international purchases, or maybe it means that you’ll ask for confirmation after a purchase and before you make the actual transaction. Whatever your business can do to increase security, your customers will ultimately appreciate it because it means that you’re putting their needs and their security at the top of your priority list.