As a busy merchant, you process card payments daily and you may have a large staff with different people handling those payments throughout the day, which makes implementing fraud avoidance procedures a little trickier. Here are some quick and easy tips you can incorporate today.
Accepting credit cards means every merchant, everywhere will have to deal with and dispute chargebacks at some point. This can be a costly and time-consuming process if you don’t know how to navigate these waters. Here at Singular Payments, we try to give you tools to make dealing with chargebacks as simple as possible. Recently, Visa made changes to their dispute resolution process. Effective April 15, 2018, your deadline to respond to a dispute notification will be reduced from 45 days to 30 days. So, the tips we are about to share are even more important!
Chargebacks will suck the cheer right out of your holiday sales this season which is why we’ve compiled a list of tips to avoid them whenever possible. Reportedly 86% of all chargebacks are probable cases of ‘friendly fraud’ or mistakes by the customer, and at the current rate, friendly fraud will cost merchants upwards of $25 billion a year by 2020. Fraud attempts rose 33% in 2016, while successful fraud attacks increased 32%. Merchants lose out on $118 billion in sales due to false positives each year. So read on because this is important stuff!