Complaints

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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How the Credit Card Chargeback Process Works

Chargebacks are a risk when you accept payment by credit card. Chargebacks are almost always a result of a dispute raised by the customer, but sometimes banks can raise disputes as well. So why do chargebacks happen? The 4 most common reasons why chargebacks happen: Fraud: the credit card has been used without the authorization…

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Is a Chargeback the Same as a Refund?

A chargeback and a refund may be similar for a customer, but they are very different for the merchant. A chargeback occurs when a customer disputes a charge processed by a business. The amount charged to the customer’s credit card account is refunded, and the amount is deducted from the business’s banking account, along with…

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What is the Difference between a Chargeback and a Refund?

The difference between a chargeback and a refund might be blurred, but it is important for merchants to understand. Practically all merchants want to avoid both chargebacks and refunds, since they both translate into the same thing: loss of money. However, knowing more about their differences will show that granting a refund is far more…

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Are Chargeback Fees Just an Unnecessary Expense?

The term ‘chargeback’ sends shivers down the spines of many business owners. It might seem like a minimal fee, but its significance is far beyond chargeback fee. Chargebacks can ruin your reputation with the merchant account industry. Many businesses just see it as a risk they have to take. After all, the alternative would be…

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