Here are ways to Prevent Chargebacks
If you run a business online or even offline, you already know what a chargeback is and how detrimental it can be to your business.
Not only do you have to pay chargeback fees, you risk having your merchant account closed down if you have over 1-1.5% chargebacks per month.
Rapid Financial Solutions helps companies get a merchant account and we specialize in high risk industries, so we always recommend you get a secondary merchant account to be on the safe side, but we want you to avoid chargebacks at all costs.
We have now partnered up with two companies that will help solve your chargeback issues.
They are different in how they solve your chargebacks, so feel free to reach out if you would like to brainstorm the best solution for your company.
The first solution will notify you of a pending chargeback BEFORE it hits your processor. It doesn’t matter where your company is located, so long as your customers are in the US, Canada or the UK, you can use this chargeback prevention program to solve chargebacks.
The benefits of this company versus others are:
- No setup fee
- No monthly fee
- No contract (you cancel whenever you want). There are some companies that lock merchants into a contract for years and then use unethical methods to add more years to the contract.
- Only $40/chargeback
- Everything is done via computer so there is no human error like with other companies that prevent chargebacks.
- Great customer service. We don’t hard sell and from one entrepreneur to another, we care about your business.
They notify you before the chargeback goes through, and then you have 24 hours to refund the customer back so the chargeback doesn’t go through. If you already refunded them prior, you don’t pay our fee.
This chargeback prevention method works 90-95% of the time and will save you the stress and potential risk of losing your merchant account.
We cover Visa and Discover, MasterCard is coming soon. (Because Amex is rarely used online, we don’t cover Amex)
Your second option is Verified by Visa or Secure MasterCard, where the customer has to input a security code they have already created with their bank before the order goes through. This way they can never “claim” they didn’t authorize the order.
Some concerns in the past were that customers didn’t like this and would therefore opt out of purchasing, but tweaks were made to the system so losing orders is no longer a concern.
Rapid Financial Solutions
Read More information about high risk merchant accounts