Are you an eCommerce Shopify merchant who's struggling with chargebacks?
Reports reveal that 8 out of 10 merchants have witnessed an increase in friendly fraud chargebacks. Not surprisingly, 94% view friendly fraud as an issue for their business.
The sharp rise in friendly fraud is making chargeback protection critical for Shopify merchants.
If you don't implement Shopify chargeback protection methods, your eCommerce business will be guaranteed to lose money.
Read on to find out how you can protect your eCommerce business on Shopify from electronic fraud.Set a Clear Returns Policy
The first thing to do to lower your Shopify chargeback rate is to set a clear returns policy. Make your returns policy easy to access and read on your eCommerce site.
You might also want to look into making your return process as convenient as possible. If it's very easy for customers to return an item to you, they might take this route rather than filing a chargeback.
Another measure you can take is encouraging customers to contact you before filing a chargeback. You can also promise them that you'll respond to their message promptly, and remind them of your easy returns process.
If you are the victim of electronic fraud, it's essential that you have an accurate collection of records. Having the right records on hand will help you contest illegitimate chargebacks.
These include things like credit card transaction dates, authorization information, amounts, etc.
The above efforts can help reduce Shopify chargeback rates. But the reality is that they won't be much good against "friendly" electronic fraud. This happens when shoppers purposefully abuse Shopify merchants through chargebacks.
Reports reveal that 86% of reversed transactions are illegitimate claims.
Want to safeguard your eCommerce business? Then you need to utilize fraud detection software, like Vesta.
Vesta is a leading Shopify chargeback protection solution. It is the only instant end-to-end transaction guaranteed platform for eCommerce. Vesta uses machine learning to drive approvals of legitimate sales. It also eliminates chargebacks and electronic fraud.
AI models trained on our consortium data of billions of orders assess transactions in real-time. Through this, Vesta solution is able to make an accurate risk assessment within milliseconds.
We approve 97% of all transactions. If a fraudulent transaction does slip through, we assume 100% of the cost.
If you sign up for Shopify chargeback protection with Vesta, your cost of fraud will drop to zero.
What's more, implementing Shopify chargeback protection with Vesta is simple. All you have to do is install our Guaranteed Fraud Protection for Shopify extension for eCommerce retailers. After this, you'll be able to approve more transactions and kiss chargeback costs goodbye.
If your Shopify chargeback rate is high, this can suck the lifeblood out of your eCommerce business over time. If you don't have Shopify chargeback protection in place, you'll end up leaving transactions on the table. While still paying the high cost of electronic fraud.
Here at Vesta, our vision is to drive down the cost of electronic fraud to zero. We believe that eCommerce merchants shouldn't be the ones to pay for fraud, friendly or otherwise.
Do you want to put a stop to friendly fraud and chargeback costs using Vesta's Shopify Chargeback Protection extension?
Schedule a free consultation or demo today.