Credit card chargebacks are the stuff of nightmares for all types of merchants. Whether the dispute is valid or not, many businesses must go through the rigorous and arduous process of resolving disputes. That makes it all the more important for merchants to take steps aimed at preventing chargebacks.
Takes a mix of tools and leadership
Fraud can come in many forms, from identity theft to friendly fraud. It's imperative your employees are able to identify red flags and the type of fraud that is occurring: next steps will depend on what the source of the chargeback is. To help prevent this from happening, be sure to require as much identity verification as possible (e.g., address verification, photo ID, phone number, security code).
However, equipping your workforce with the knowledge to address fraud, not just the tools, is also important. Training employees and engaging them on best practices will help ensure you can execute on a chargeback strategy, provide better customer service and recover losses.
Want to learn more about the exact steps to take?
Download our eBook "4 Easy Steps for Preventing Chargebacks" or contact Comerica Bank today about our merchant services and products.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.
Comerica has partnered with Worldpay, LLC to provide credit card processing. Merchant Services are offered through Comerica Bank. Ancillary services are offered through Worldpay, LLC or other service providers and may require a separate agreement with those service providers.