Fancy that: Business with No Chargebacks!
For e-commerce platform owners, chargebacks make a part (a nasty one) of their everyday lives. But no matter what, there are plenty of ways to reduce chargebacks and stay in business. Make some time to consider some of them in greater detail.
Criminal fraud: keep cheaters out
Hope there’s no need to remind you about a certain group of users trying to get things for free. Those are quite creative guys using artful ways to trick you. Sometimes they can even be your competitors trying to decrease your margins by driving up your chargebacks. Shoot happens, you know.
When it comes to criminal fraud, your best move is to prevent it before it happens. Use data provided at the time of purchase and automated scoring systems to weed out high-risk orders. Transaction speed, transaction amount and transaction attribute consistency are those points you should consider first of all.
Blacklists and greylists: prevent fraud automatically
There’s a set of automated solutions that helps to protect your business from criminals: blacklists and greylists. Create a blacklist to permanently ban malicious transaction identifiers (credit device ID’s, card numbers, user names, etc.)
Greylists are similar to “black” ones, but they aren’t permanent. Feel free to use them as a “quarantine” solution. For instance, you can temporarily block residential IP addresses that change frequently.
Friendly fraud: customers can be so erratic
Yeah, customers of yours can be forgetful or full of remorse. Sometimes, it’s something like, “There’s just no way I was looking for something like that!” The point is a simple one: a customer wants money back, and his/her bank supports that decision.
The best thing you can do to cut chargeback-related risks is to provide your customers with the best shopping experience. Remember, no remorse means no chargebacks for your online store. So if you want to be a Nice Seller, it’s about time to become one.
Tips to prevent reversals AND level up customer service skills
- Resolve every single issue. Even if it means a refund. Make sure you got a team of qualified support operators and a relevant call center. That’s right, you still need to have phone customer support in 21st century at hand.
- Follow your customers’ way. That means you should perform actions your clients usually do to buy things. Such a practice will help you to discover bugs and gaps that may confuse or mislead site visitors.
- Contact your customers about fishy transactions before you process them. That is your way to avoid unnecessary penalties and fees.
- Make your services easy-to-cancel. Sounds weird, eh? Hard, cumbersome procedures increase the risk of chargebacks. Try your best to make your e-commerce platform the most comfortable e-place to your customers. Good deal and good luck to you!
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