If you sell to consumers and accept credit cards as payments, chargebacks are an unavoidable part of your business, and left unchecked, the financial impacts can be significant. Fortunately, there are some proactive steps your retail business can take to minimize the number of chargebacks and their cost.
Simply, chargebacks are credit card transactions customers aren’t held liable for. Many times, they result from use of a stolen card, an unauthorized purchase or stolen data. Sometimes, they result from customer not recognizing a transaction as one they completed.
Of course, when a customer isn’t held liable for a transaction, the retailer absorbs the full cost, as well a potential fine on top of it all. In the quick slide show below from Performance Card Service, learn what chargebacks are, how and why they occur, how to minimize them and what to do once a chargeback occurs.
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