Do you own a business? Would you like to know how to prevent chargebacks? Read on to learn everything that you need to know on the subject.
It's no secret that computers reshaped the entire world since the time they were invented. We have reached a point where it is not at all uncommon for people to do most of their shopping online.
As a business that offers customers this opportunity, though, there are certain risks you need to be aware of.
One of the most prominent is chargebacks. The good news is that it's possible to prevent chargebacks in the first place.
Let's explore key chargeback prevention tips that you can take advantage of.
Quality Customer Service at Checkout
Customer service is one of the most important factors in preventing chargebacks. This means promptly addressing any customer concerns and ensuring that they are happy with their purchase before completing the sale.
Another key step to checking the validity of the card is to ensure that your business is PCI compliant. This stands for Payment Card Industry compliance, and it's a set of standards that help protect customer data. If your business is not PCI compliant, you're at a higher risk for chargebacks.
PCI standards require you to implement multiple safeguards and since chargebacks tend to mean fraud for unauthorized transactions, PCI compliance provides an extra anti-fraud measure and this includes:
- Protecting cardholder data
- Maintaining a secure network
- Establishing access control
- Actively monitoring your system
With these protections, you will be able to minimize the number of chargebacks that your business experiences.
It's also worth noting that customers will often attempt to reach out to the merchant directly if they have an issue with their purchase.
This means that it is in your best interest to provide multiple points of contact in which the customer can speak with a human representative. In context, this means phone calls, social media messages, and emails.
Live chat functionality is also something to consider. In many circumstances, it can be the easiest way to handle this issue. Additionally, ensure that your contact information is easy to find on all pages of your website.
Implement Anti-Fraud Solutions
Along with the above tips, it's important to have a good fraud prevention system in place. This will help protect your business from fraudulent orders and keep your chargeback rate as low as possible.
For example, you should always use an address verification service to ensure that users are not inputting fraudulent information. You should also conduct frequent security audits to gain insight into how effective protective measures are.
Vesta offers a comprehensive CNP fraud protection solution that can help you minimize the chances of your company experiencing chargebacks due to credit card fraud. This can directly translate into increased revenue in the future.
You can check out this page to learn more.
Improve Your User Interface
One of the most common reasons for chargebacks is customer confusion.
You need to make sure your checkout process is as simple and straightforward as possible. A reliable way to achieve this is by improving your user interface (UI). This will help customers easily navigate your website and make purchases with ease.
Of course, it's also essential for you to maximize the functionality of your website. For example, some people might click a "purchase" button twice if the page never loads after they click it once. This could easily result in them being charged twice for a single purchase.
Not only does this result in you having to deal with chargebacks, but also damages the reputation that your company has. Customers who deal with a situation like this are more likely to turn to your competitors in the future.
Knowing How to Prevent Chargebacks Doesn't Have to Be Complicated with the Advanced Fraud Solution
Chargebacks can cost you unnecessary time, money, and lost customers.
Fortunately, these preventive steps can help set you on the path toward chargeback prevention. Feel free to get in touch with us today and learn more about how we can help you circumvent this issue and eliminate chargebacks with Vesta's Payment Guarantee solution. You can focus instead on investing in other aspects of your business while approving more legitimate online orders.
Want to learn more about what we have to offer?
Get in touch with us today and see how we can help.