Payments Blog

One Bad Apple Spoils the Whole Bunch: How to Prevent Chargebacks

Posted by CardinalCommerce
Jan 17, 2017 8:30:00 AM

Chargebacks, those transactions that are under dispute, can be very costly for merchants. In most cases, merchants lose the goods or services in question, and incur significant fees and penalties. Merchants that accumulate a substantial amount of chargebacks will also damage their reputation with financial institutions. To maintain a good reputation with both consumers and banks, merchants, particularly those with low transaction volumes, need to eliminate chargebacks.

Initially, chargebacks may seem to be a cost of doing business, but there are many precautions that merchants can take to ensure that they don’t suffer significant financial losses. Issuing banks also consistently monitor chargebacks, and are adept at identifying high-risk merchants. Those merchants with low transaction volumes are in danger, because one chargeback will appear more significant to the issuing bank than it would for a merchant with higher transaction volumes.

Merchants that process fewer transactions, but accrue a significant number of chargebacks will put their consumers’ future orders at risk.  After an issuing bank classifies a merchant as high-risk, it’s increasingly likely that they will see a higher rate of false positives, legitimate transactions that are declined, on their website.

In trying to eliminate chargebacks, merchants must think of their consumers. Whether it’s implementing a clear, understandable checkout process or establishing and maintaining a sterling reputation with respect to customer service, it’s important to keep the consumer happy.

One of the best ways to keep your consumers happy, and prevent chargebacks is to eliminate fraud on your website. With your One Connection to Cardinal, you can stop fraud, and more importantly, keep consumers happy and maintain a good reputation with all issuing banks. Connect with us to learn more!

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Topics: Fraud, CardinalCommerce, chargebacks, false postives, CNP

Weekly Recap: Welcome to 2017

Posted by CardinalCommerce
Jan 13, 2017 8:07:00 AM

Welcome to 2017. This week the snow and below freezing rain have been harsh ! Are you starting to see holiday transactions, charged back? Cardinal can explain what a chargeback means. We have big news to share, see our blog and social media posts for more! 

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Topics: CardinalCommerce, Visa

What is a Chargeback?

Posted by CardinalCommerce
Jan 10, 2017 8:30:00 AM

For merchants, chargebacks are a significant issue. Initially designed to protect consumers, chargebacks, instead, have become stress-inducing for merchants. But what, exactly, is a chargeback?

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Topics: Fraud, CardinalCommerce, chargebacks, CNP

Merry Christmas and a Happy New Year!

Posted by Michael Keresman
Dec 22, 2016 8:00:00 AM

 

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Topics: CardinalCommerce, christmas

Weekly Recap: Winter in Cleveland, Increase Authorizations & More!

Posted by CardinalCommerce
Dec 16, 2016 8:44:57 AM

Winter is here in Cleveland. This week the snow and below freezing temperatures have arrived!  How are your holiday transactions?  Are your transactions secure? Cardinal is here to help! We have big news to share, see our blog and social media posts for more! 

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Topics: CardinalCommerce, Visa