Complaints

Friendly Fraud vs. Chargeback Fraud

According to statistics, credit card fraud and identity theft aren’t as common as we fear. Of all the fraud-driven cases of chargeback, only about 30% are true fraud cases. The other 70% or so are so-called “friendly fraud” cases, where a customer accidentally disputes a legitimate charge because of the customer’s error or genuine misunderstanding.…

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How to Reduce the Chances of a Chargeback

Chargeback fees may only be a few cents, or maybe a few dollars, but they pile up pretty fast, and their long term consequences are disastrous. It stays in your permanent bank records, even if the matter is resolved in your favor. If you accrue too many chargebacks, this could trigger an audit or even…

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Common Reasons for Chargebacks

When a customer makes a purchase from you, they can pay using a credit card or debit card. If it’s a one-off purchase, the cash transfer takes place immediately, and the money arrives in your bank account within a day or three. If it’s a repeated expense (like a subscription), it might not be posted…

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The Difference between a Chargeback and a Refund

Sometimes, a customer decides they want their money back. It might be because the product they purchased was faulty, or they might be experiencing buyers’ remorse. Maybe they ordered a delivery and it hasn’t arrived yet, or they can’t remember making the purchase. They might have reviewed their card statement and seen items or names…

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Fraud is the Most Common Cause of Chargebacks

Chargebacks can cost your business a lot, both in terms of money and reputation. Aside from the loss of revenue, you risk fines, penalties, blacklisting, or even a frozen account. Visa recognised this and made necessary changes. Their 2018 chargeback update goes a long way in protecting businesses from erroneously filed chargebacks. Visa reduced the…

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The History of Chargebacks

As a business owner, the word ‘chargeback’ probably makes you shudder. It might help if you had some background. The first credit cards were issued in 1950 by Diners Club. They were mainly used for travel and dining. Amex launched their credit card in 1958. Still, by 1970, Americans were yet to fully embrace the…

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What are Chargebacks?

Chargebacks are a bane for any business that accepts credit card payments because they are usually unexpected, and they can dent your cash flow. But, while chargebacks are an unavoidable reality, taking steps to limit them is both possible and vital. Chargebacks normally come from a dispute raised by a customer, but sometimes banks can…

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Visa’s New Chargeback Rules

Visa is one of the most widely accepted credit card brands, so they play a big role in payment regulation.  Any rules that Visa issues could affect your business, so you want to be aware of them and stay within their boundaries. Visa’s 2018 regulations are aimed at security, both for you and your customers.…

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How To Minimize Chargebacks

Chargebacks are horrible for merchants. They are designed to keep customers safe from fraud and identity theft, but they can make life really difficult for your business. For one thing, they are non-expungable, so even if you and your customer resolve the matter, it stays in your bank file, leaving you susceptible to audits or…

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Visa’s New Chargeback Rules

Most people are sure they can’t fall victim to phishing schemes. They’re too smart for that, and they know better. But the most common – and effective – phishing method is to use the identity of someone the victim knows. After hackers compromise one person’s account, they can then contact everyone in their address book.…

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