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Accept Credit Cards and Avoid Chargebacks
Accept credit cards for small business with ease. While top credit card companies may briefly advise and train merchants in credit card transacting, it is best for the merchant to learn everything they can about the security measures developed to guard against credit card fraud, and chargebacks. The best practice for accepting credit cards is to train all employees in the proper transaction protocols. Employers and employees who learn the "how" and "why" of accepting credit cards can save a tremendous amount of money and time. These security and cost saving methods for accepting credit cards should be followed closely and consistently. If followed carefully and faithfully, merchants can spare themselves the aggravation and expense of thieves and disgruntled customers.
Small businesses accepting credit cards should, in the case of fraud, contact their credit card processor as soon as possible. Merchants who follow all verification procedures can easily avoid a chargeback situation. Employees should be trained in the verification procedures set by the card associations, their processor, and their bank. These procedures include verifying cardholder's address, and obtaining the CVV code on the back of the card. These procedures should be followed without exception.
Merchant service account holders and cardholders can work together in reducing the fraud which makes accepting credit cards more expensive for us all. Cardholders are advised to write, "Check ID" instead of your signature in the signature strip on the back of their cards. Should a merchant not ask for your identification remind them, that you have indeed requested that they do so. Merchants should ask for identification from cardholders, if they resist, remind them that you are looking out for them.
Chargeback complaints arising from a dissatisfied customer can be avoided by both the consumer and merchant. The slogan, "Buyer Beware" is the best practice by the consumer. When purchasing items online, consumers should check to make sure that the merchant is using a reputable online gateway Ask questions about the specifics on the merchandise, and the terms and conditions for refunds.
The slogan, "The customer is always right" is the best practice by the merchant. Reputable merchant will have a fairly liberal return policy, as pleasing the customer is usually less expensive than incurring chargeback costs. It is less expensive for the merchant to refund monies to a consumer rather than rack up chargeback fees. Those fees are passed on to the consumer through higher prices.
Credit card companies "urge consumers to treat chargebacks as a solution only as the last resort." They suggest that the consumer make several attempts to resolve the dispute working directly with a merchant, and that the merchant take every reasonable step to satisfy their customer. Simply stated a chargeback is what a consumer does when they feel like they did not receive what they paid for, and the merchant just can't or won't satisfy them.
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