One of the biggest risks when accepting credit card payments is chargebacks. There’s nothing quite as frustrating as successfully earning a customer’s business only to have them pull the rug out from under you later. However, you can mitigate this financially devastating risk and make sure that when you earn a sale you get to keep your hard-earned money. Keep reading while we present the most effective ways to evade chargebacks.
Accept Credit Cards Properly
Just accepting credit cards in the right way can go far towards stopping chargebacks. Make sure that your credit card machines implement EMV technology. By doing so you can curtail your business’ liability. Of course, having effective credit card machines won’t help you if your staff are using them improperly. It’s also vital that you make sure your staff know how to use your terminals and always opt for the most secure processing method possible.
Keep Thorough Records
Oftentimes chargebacks are a tool used by nefarious fraudsters for less than legitimate purposes. Protecting yourself from them is a matter of proving that they really did buy goods or services, even when they claim they didn’t. Always save signed receipts, contracts or other documentation from your customers and keep these organized enough that you can find and reference the necessary document when a chargeback occurs.
Clarify Your Refund Policy
By having specific limitations on when your business will or will not accept refunds, you further reduce your own liability. By having a refund policy that is both clear and easy to find you reduce the likelihood of needing to pay up after a customer is unsatisfied with their purchase. Having a clear policy will also increase the likelihood that customers will come to you for assistance instead of initiating a chargeback. Are you looking to protect yourself with a merchant services provider who implements all of the latest technology? WOW Payments offers not only industry-leading credit card machines but also gives you access to free processing. Don’t delay, accept credit cards for free and enjoy a sense of security today.