Fraud and loss of money are detrimental to merchants. This is why networks that operate with bank cards, banks, and other financial and fintech organizations are trying to fight this. One such mitigating mechanism is the chargeback prevention procedure. Let us dissect this problem and understand how chargeback protection from Ethoca company will help.
What can Chargeback be about?
First, let’s take a look at the cases of chargebacks that can be handled by chargeback protection from Ethoca company:
- Fraudulent transaction – a payment from a card that the cardholder did not make;
- The customer has not received the product or service, but money has been paid for the product;
- Goods or services were not delivered in the full amount;
- The double payment was made from the card;
What should the seller pay attention to?
Unfortunately, the ingenuity of fraudsters knows no bounds. And, chargeback protection services from Ethoca company help sellers investigate the incident to challenge the chargeback. And you probably immediately wondered how the chargeback protection works. This network from Ethoca works simply. Your merchant account will be connected to the Ethoca network, and you will be able to receive information about your customer. To get such a service, you can find a reliable payment gateway service provider, like Maxpay.
How do I avoid a chargeback?
You must implement several ways or procedures and/or take steps to prevent a chargeback:
- If you run an online store, be sure to employ a secure payment gateway or online payment provider that offers chargeback prevention services.
- Describe the things precisely: Customers who get things that do not match the description have a valid reason to file a complaint.
- Attempt to contact your customer to ensure it is not a fraud.
- Use services such as Ethoca to keep chargebacks at a minimal rate.