Tags |
|
|
Links |
|
|
Write You - 27 Ways to Reduce Your Merchant Account Chargebacks
Big business understands the leverage and reach available through Joint Ventures. H&R Block Inc. and 7-Eleven Inc. signed a three-year agreement Wednesday that enables Block customers to cash refund loan checks at 1,100 7-Eleven stores in the United States. Don’t create a competency or distribution channel - borrow one! Share the love, as it were.Online dating is growing in popularity. And people who meet online typically like to meet for the first time in a coffee house like Starbucks. Armed with that data, Starbucks teamed with Yahoo! Personals to produce an "Espresso Dating Guide" that can be found exclusively online at http://personals.yahoo.com/espressodating. The guide offers advice such as what to wear on a first date, what to talk about and, if necessary, how to end the date gracefully. Starbucks is running a print ad campaign to support the online site.The ego-driven, “Lone Ranger” mentality of the typical small to medium business owner is expensive and risky. Big business has been using Joint Ventures for a long time because they have the ability to be objective, bottom line oriented
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales
Change is a tricky thing. If you are someone contemplating the changes that will occur by becoming a successful small business owner, it will be helpful for you to have a bird's eye view of where you are along the continuum.To that end, Dr. James Prochaska and Carlo DiClemente developed a Transtheoretical Model of Change in 1982 that has been applied to everything from weight loss to drug addiction with great success and acclaim. Though their model has never before been applied to those considering starting up a successful small business, it is a very relevant model that will help take the pressure off individuals thinking they should be further along than where they are, and provide a compassionate understanding of where each person is along the scale.Three Great Things about The Stages of ChangeProchaska and DiClemente's Transtheoretical Model of Change identifies five stages of change: precontemplation, contemplation, preparation, action, and maintenance.The Precontemplation Stage (Not Currently Considering Change)This stage could really be called "the precursor-to-c
And, an excessive history of chargebacks may result in the disastrous consequence of losing your merchant account and your ability to accept credit cards.
So, it's obviously important to take prudent steps to minimize the occurrences of chargebacks - especially if your transaction volume is high.
The disputes are usually based on a customer's claim that he did not receive the product or service that he ordered from you; that what he did receive was somehow defective or not what he ordered; or that he did not in fact order anything at all from you.
The causes for such claims generally result from:
* Fraud . Someone other than the authorized cardholder used his card or the information associated with card. Claims for fraudulent use of a cardholder's card are especially common with internet and other 'card not present' transactions. Many billions of dollars of online transactions are the result of fraud annually.
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales
How you think of success will determine how successful you will become. As in most areas of our lives the thing that limits us the most is ourselves. There are many misconceptions about success.Here are some of them, with answers. Successful people don't make mistakes: Wrong - they make plenty of mistakes and learn from them. They just don't repeat them.Some people will never be successful: Wrong - anybody can be a success. Its a matter of having the desire and action to achieve. You can only be successful if you play by the rules: Sometimes - This is true to a certain extent. Successful people sometimes make up their own rules within the law.You have got to work up to 70 hours a week to get anywhere: Sometimes - This is often true. Working long hours means nothing if you are doing the right thing and enjoying what you are doing. Remember, you're building an investment for your future.It takes luck to be successful: Wrong - Generally it takes hard work. A successful businessman once said that it was funny, but the
The disputes are usually based on a customer's claim that he did not receive the product or service that he ordered from you; that what he did receive was somehow defective or not what he ordered; or that he did not in fact order anything at all from you.
The causes for such claims generally result from:
* Fraud . Someone other than the authorized cardholder used his card or the information associated with card. Claims for fraudulent use of a cardholder's card are especially common with internet and other 'card not present' transactions. Many billions of dollars of online transactions are the result of fraud annually.
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales
Medical labs minimize waste from this practice by making parts interchangeable. For example, only a scalpel blade is tossed, while the handle is kept for a new blade. The remainder of hospital lab equipment is larger machines that do not actually come into contact with body tissue or fluids. One example of an online laboratory instrument used often is called a pipette. If you are looking into purchasing a pipette, keep in mind that efficiency and precision are of extreme importance when using pipettes in a lab. Regular testing and calibration of your instruments is essential to ensure they are performing accurately and to specification. Luckily, with help looking for laboratory equipment online, you are sure to receive the best instruments of all sorts. This includes centrifuges, spectrophotometers, and other devices necessary for the analysis of microbiological agents.These machines should be cleaned and sterilized, but they do not create any risk of contaminating other samples with re-use. Technology in the medical field is also increasing quickly as the need is also increasing. Recently, some
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales
Serviced and semi serviced offices have become increasingly popular over the last 5 years, with more and more businesses deciding that serviced offices provide the best space solution for their company. If you have think that serviced offices are right for your business, or are unsure of what they can offer you, then read on for insider knowledge!So many different types of businesses locate in serviced office facilities that the Business Centre often make provisions to provide services for most eventualities. This means you can take advantage of those that suit your needs when you need to.Serviced Offices - ExplainedServiced offices are offices available to rent on short term flexible licence agreements from as little as 1 month up to 12 months. You will pay a single monthly licence fee which is inclusive of rent, rates, service charges, furniture and services such as reception facilities.Serviced Offices are located in Business Centres, which may occupy a whole building, or one or two floors in a large multi storey office building (this is common in London and the othe
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales
Do not be fooled by those who CLAIM to provide you with 10,000, 20,000, 200,000 or even 250,000 text links.You are being conned, what they are offering you are comment links posted on blogs and directories.These are regarded as comment spamming, i,e there is no contextual advertising associated with it.Just random posts with your link tagged to the username, no benefit to any real person viewing the comment, just a trick to fool search engines.What they won't tell you is the majority of blogger and wordpress sites have incorporated measures to prevent comment spamming on their blogs.What they also won't tell you is the majority of blog admins no longer allow search engines to give weight to comments, by adding the following tags in their blogs, Rel=nofollow (in the case of blogger) and Rel="external nofollow" (in the case of wordpress), what this means is the search engines are not to rank any links associated with those comments, this means search engine robots will NOT rank those sites eve
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales is that they don't recognize the description of your company that appears on their monthly credit card statement. So make sure that description reflects your website's name - and include a toll-free number in their statement's description, so they can phone you if they have a problem.
5. For websites, make sure you provide a toll free phone number for customers to call, so they can hopefully resolve problems prior to instituting a dispute via the card company. And have a 'frequently asked questions' section on your site to further clarify issues that might otherwise lead to a complaint.
6. Be careful when accepting online orders if the customer uses a free email service - for if the card was stolen, his identity may be next to impossible to identify later. To be safe, you could ask him to confirm the sale by phone or fax.
7. Set up your shipping process so that the customer's signature is always collected when the product is delivered - and have the shipper forward you a copy of the signed acknowledgement or upon request.
8. A recent development in fraud control is the IVR terminal (www.voicestamps.com) which can record a customer's voice. If he later claims he didn't order your product or service, the voice verification is e-mailed to you so you can prove he did in fact make the order.
9. If you manually process transactions, but don't do so promptly, you may be hit with a chargeback for late presentment.
10. If you are selling via a website, offering a liberal returns and guarantee policy ensures fewer customer complaints and therefore fewer chargebacks.
11. If an order's billing address and shipping address are different, consider contacting the customer for an explanation for the discrepancy.
12. Be proactive, by sending your customers e-mail notices regarding orders, shipping, etc. An informed customer is a happy customer.
13. If you process via a high volume merchant account you should consider purchasing fraud prevention software (do a search on that term, if you wish to locate and compare software offerings). Depending on the product, these can be very sophisticated, monitoring the risk of each transaction
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.writeyou.net/article/1935/writeyou-27-Ways-to-Reduce-Your-Merchant-Account-Chargebacks.html">27 Ways to Reduce Your Merchant Account Chargebacks</a>
BB link (for phorums):
[url=http://www.writeyou.net/article/1935/writeyou-27-Ways-to-Reduce-Your-Merchant-Account-Chargebacks.html]27 Ways to Reduce Your Merchant Account Chargebacks[/url]
Related Articles:
Get Set Up With Online Registration In Less Time Than You Think
The Benefits of Using Dilution Control Systems
Bookmark it:
|