Last Call: Register Now to Learn About Chargebacks

WHAT ARE CHARGEBACKS?

A chargeback put simply, is the reversal of a credit card transaction. A credit card provider makes a demand, on behalf of the cardholder, for a merchant to make good on the loss of a fraudulent or disputed credit card transaction. The money that was once deposited into the merchant’s account after a transaction is taken out and given back to the customer as a credit if a chargeback goes through.

Chargebacks are a lazy way of requesting for a refund. Consumers go directly through their bank to retrieve a payment back rather than requesting a refund directly from the merchant.

Banks allow for this method to be used if one of the following occurs:
1. A transaction is processed after the issuing bank has declined it
2. No authorization
3. Card was expired yet the transaction was still processed
4. When the merchant did not process the transaction in time
5. The account number given was wrong

WHY ARE THEY IN PLACE?

Issuing banks are allowed to complete such a request due to fraudulent activity and/or unsavory business practices. The main goal of the chargeback process is consumer protection against fraudulent activity.

WHY SHOULD YOU BE CAUTIOUS OF THIS?

Chargebacks are completed without warning to merchants, and all business owners that process card payments are at risk of chargeback fees. With chargebacks, business owners do not have the opportunity to recover their product. Unlike a refund, where a customer has returned a product or notified you of an issue where you have agreed to refund some or all of the purchase price, a chargeback is often a surprise. The more chargebacks completed against your business, the higher your risk of having your card payment processing abilities be revoked are.

WHO DO CHARGEBACKS AFFECT?
Merchants are affected as they lose the product, pay double in fees and require markup on products in order to compensate for those fees and take valuable time to dispute. More chargebacks can ruin your reputation in the eyes of acquiring banks especially if you are a highrisk
business.

Does this scare you? Join us tomorrow for our webinar on chargebacks with Chargebacks911 to learn how to protect your business.

Chargebacks are scary. And trying to determine where your chargebacks are coming from can be an intimidating job. What’s worse, chargebacks rob you of profits and undermine your efforts to grow your business. This 45-minute webinar will cover the major cause of chargebacks and how to minimize them.

Date: Tuesday, October 29, 2019
Time: 2:00PM – 3:00PM EDT

Who should attend:
• Chargebacks Management Teams
• Payment and Fraud Managers
• Finance Managers
• Customer Service/Success Managers

Speakers:
Andrew Koloshuk, Merchant Broker
Don Bush, Chargebacks911

Register Now

Uncategorized

Amazon Pay and the Reinvention of Frictionless Transactions

Uncategorized

COVID-19 and its Effect on Traditional Sports

Uncategorized

UberEats Launches Contactless Order Application for Restaurant Dine-ins

Uncategorized

MasterCard Announces Free Cybersecurity Assessments for Small Businesses

Uncategorized

Visa Token Service Champions Secure Transactions Through 28 New Partners

Associations

TIAC
CIFFA
ttc

Card Brands

visalogo
mastercard
amex
Interac-logo
discover-logo
maestro-logo
JCB-logo
union-pay-logo
diners-club-logo

Contact Us

CANADA OFFICE
Merchant Broker
1 King St. West. Suite 4903
Toronto Ontario M5H 1A1

USA OFFICE
Merchant Broker
2450 St Rose Pkwy
Henderson, Nevada
89074
USA

T 1-888-668-0733
info@merchantbroker.com

©2019 Merchant Broker Inc. All rights reserved. Merchant Broker Inc. is a Registered MSP/ISO of the Canadian branch of U.S. Bank National Association and Elavon Merchant Broker Inc. is an Elavon Payments Partner & Registered MSP/ISO of Elavon, Inc. Georgia [a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN] Merchant Broker is a registered referral partner of Bambora. Registered Preferred Partner of Ingenico e-Payments International. Referral Partner of Global Payments.