Although the world of e-commerce and virtual payments is intended to make secure payment processing more convenient for everyone involved, all too often it ends up causing issues related to security for the merchants (and sometimes even the consumers, too). One of the biggest problems for businesses today when it comes to secure card not present transactions is the dreaded credit card chargeback process. Here are a few things you should know in order to enhance your merchant chargeback protection:
- It’s essential to have all the necessary payment processing systems in place and abide by industry regulations in order to keep every transaction secure — and also to reduce your risk of dealing with chargebacks! If you’re a merchant and you don’t follow all of the required rules, chances are, you’ll end up at fault and have to cover the cost.
- One good way to protect your business against chargebacks is to keep detailed records of all your transactions — and probably keep more than one copy of each record, too. These records will help you narrow down what may have caused a chargeback, and if it’s a false claim made by a consumer, you’ll have better merchant chargeback protection if you have detailed records.
- If nothing else puts your mind at ease, just remember that the chargeback process is intended to protect your customers — so it’s supposed to be a good thing — but you also have to take measures to protect your business as well. The best thing you can do is stay updated on industry standards, never let the security of your credit card payment systems slide, and try to double-check any purchases that seem a bit fishy!