Wednesday, November 16, 2011

Full Throttle Payment Processing Shares 10 Tips to Chargeback Prevention

Chargeback Prevention
It is our goal at Full Throttle Payment Processing to ensure each of our clients are processing transactions with as little business interruption as possible.  From time to time a chargeback can be an interruption to your business.  Below are a few common reasons for chargebacks.

Common Reasons for Chargebacks
  • The card was fraudulent.
  • Cardholder disputes the quality or receipt of merchandise.
  • The amount charged to the card was incorrect.
  • Processing errors were made during the transaction.
  • Proper authorization was not obtained.
Although chargebacks cannot always be completely avoided, there are steps you can take to help prevent them. The more you know about proper processing procedures, the less likely you will be to process a transaction that could result in a chargeback.
Consider these 10 tips to avoid potential chargebacks.
  1. Respond to retrieval requests and chargebacks within the time frame allowed. 
  2. Be clear about refund and return policies making sure your customer is aware of them. 
  3. Issue refunds in a timely manner.
  4. If you receive a "Call" message in response to an authorization request, call your processor's authorization center.  Never call the number on the card.
  5. Make sure your phone number appears on the cardholders statement.
  6. Take a manual imprint of the credit card if the magnetic swipe does not work.
  7. Never accept a transaction in which the CVV2 code does not match.
  8. Respond promptly to your customer's request for refunds, adjustments, or cancellation of recurring billing.
  9. Keep customers informed on the status of their transactions and estimated delivery of their merchandise.
  10. Do not charge the cardholder until you are ready to ship the merchandise.
Should you have any questions, our experienced team is here to help.  Call Full Throttle Payment Processing today for more information at 877-512-1620 or comment below. 

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