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Added for You - 27 Ways to Reduce Your Merchant Account Chargebacks
Many online marketers now make a living by putting together their own products. Among the most popular digital products to sell are eBooks and special reports. These are texts in written form where useful and desired information can be conveyed. Indeed, information is what empowers the internet. It’s not called the information superhighway for nothing, after all. People log online to search for information.If you have the info they need, then they will come to you. And if this information has a lot of value, you could sell the same and make some wonderful profit. And since words are the immediate tools of communication in the World Wide Web, information is often conveyed in written form, i.e. the aforementioned eBooks and special reports.But preparing written lot is not easy. For people, not everyone could write. And those who could often don’t land the time to set about on such a project.Fortunately, there are some alternative ways you could take which would allow you to create your own eBook or special report without having to write down a single word. Let’s take a look at 5
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g
For about a year, I considered applying for a position on the board of a local non-profit organization whose mission I believe in deeply. I felt that my education, skills, and experience would help them. Eventually, I approached one of the board members and expressed my interest. I was excited at the prospect of being involved in good work; I could not stop talking about it. Two of my friends called board members to express their support for my involvement. Here was my chance to engage in community leadership and to honor my belief in the value of service. T he eagerly awaited call finally came. To my surprise and disappointment the caller said, "Well, we're not sure you're what we need on the board at this time." There was more to the conversation but that sentence was all I heard. My heart sank. I felt a knot in my stomach. For two days, my emotions bounced from sadness to anger to frustration. I knew this organization was in need of board members. I was offering my time and energy. How could they not want me? I am not pleased to admit that I found myself planning to withdraw the donation I had pledged to
And, an excessive history of chargebacks may result in the disastrous consequence of losing your merchant account and your ability to accept credit cards.
So, it's obviously important to take prudent steps to minimize the occurrences of chargebacks - especially if your transaction volume is high.
The disputes are usually based on a customer's claim that he did not receive the product or service that he ordered from you; that what he did receive was somehow defective or not what he ordered; or that he did not in fact order anything at all from you.
The causes for such claims generally result from:
* Fraud . Someone other than the authorized cardholder used his card or the information associated with card. Claims for fraudulent use of a cardholder's card are especially common with internet and other 'card not present' transactions. Many billions of dollars of online transactions are the result of fraud annually.
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g.
As a company grows and expands into new markets, it may be necessary to establish branches with some degree of autonomy in order to provide a better service to clients. The degree of autonomy granted to the managers of such branches by the head office and the accounting records maintained by these branches, differ considerably from one enterprise to the next.The accounting system used to record branch transactions can also vary considerably from the centralised accounting system, where processing is done entirely by head office, to a basically decentralised accounting system, where most of the processing of the branch transactions is done by the branch itself. In other cases the accounting function can be shared, some of the data may be collected and processed by the branch while, other information is maintained by the head office. Whatever system is chosen, it must be designed to satisfy management's needs.If the branch is big enough it may have a complete accounting system independent of that of the head office. These two extremes are referred to as situations where (1) branch accounts a
The disputes are usually based on a customer's claim that he did not receive the product or service that he ordered from you; that what he did receive was somehow defective or not what he ordered; or that he did not in fact order anything at all from you.
The causes for such claims generally result from:
* Fraud . Someone other than the authorized cardholder used his card or the information associated with card. Claims for fraudulent use of a cardholder's card are especially common with internet and other 'card not present' transactions. Many billions of dollars of online transactions are the result of fraud annually.
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g
Packaging labels are used on each and every product - both retail and wholesale. The importance of the right kind of packaging labels for retail products is evident from the fact that it is the packaging label that catches the consumer's eye. The packaging label can actually make or break a sale.Most manufacturers who deal in packaging labels carry a ready stock of various sizes of blank labels, adhesive and any other required paraphernalia. Product manufacturers usually get their product labels designed by specialists in the advertising field. A template is prepared and handed over to a packaging label manufacturer who then does the needful. Some packaging label companies offer innovative labels. By choosing such labels product manufacturers can do away with the cost of getting packaging labels designed.Packaging labels have other uses too. They may be used for identification, inventory control and regulatory compliance. Special use packaging labels include serial number plates, instruction labels, shipping labels, fleet wraps and barcode labels. Product manufacturers should evaluate packagin
* Customer Error . Again, this type of error is increasingly common for internet transactions, where the customer may not recall whether or not he purchased your product or service - especially if your website's name and the name he sees on his credit card statement don't match.
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g
Everybody loves the extras. Getting what you pay for is one thing, but when you get those extra items, is when you feel like you're getting more for your money. In the world of medical billing, this is no different. Unfortunately, most software systems don't give you those extras at no cost. Still, there nice to have when you want to do a little bit more than just bill for services rendered. So what are some of the more common extras that come with DME software?One of the common items that come extra with DME software is what is called barcoding. Barcoding has actually been going on for quite some time in the retail world. Just go to the local supermarket and you'll find those Universal Product Codes, called UPC codes, all over the place. As a matter of fact, most supermarkets now have automated checkouts using these UPC codes. How UPC codes work is beyond the scope of this article, but briefly, what the manufacturer of the item does is place a special code on each package that needs a special reader to read the price associated with it. This price is then stored in the system so that when
* Your Error . Your system for managing and tracking transactions - or your bookkeeping may be at fault.
* Bank Error . Banks do make mistakes - an unusually high number of them in fact - and you should keep a close watch on your merchant statements to minimize bank error.
With that in mind, here are 27 specific things you can do to reduce chargebacks against your merchant account .
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g
"People" is not just the name of a magazine, it is the subject of virtually every story published today. How people use a certain product. Why they behave the way they do. And what activity they're engaged in that is charming, disarming, or alarming. It's all about the people.Most business publications tell us about people we can never identify with, even though we love to read about them. They have seemingly unlimited resources, celebrity contacts, and brilliant well-connected friends. Fun to read but with very little direct relevance to us, except for the moral, legal, and ethical dilemmas and lessons each article contains.iBizResources.com was launched with the intention of putting Main Street faces, successful business owners everyone can identify with, along side practical, insightful articles written by business professionals from a range of industries. Thought-provoking, idea-generating articles first published in 1999 are just as popular today as the latest Blog posts on iBizResources.com.To date we have written and published almost 100 profiles of successful business owners.Eac
1. The Address Verification System (AVS, for short) compares the customer's stated billing address with the address the credit card company has on file. If your 'customer' has stolen the credit card, he probably won't know the right billing address, so AVS is very useful in detecting fraudulent orders. Failure to use AVS will also result in higher discount rates on your transactions.
2. Be careful with orders from developing countries (e.g. former Eastern block countries), which have a higher than average rate of chargeback claims.
3. When processing in person, make sure that, if for some reason the swipe terminal isn't working or the credit card cannot be read, the card information is keyed in and that you make an imprint onto the sales receipt. In order to avoid a possible chargeback later, both the card's account number and its expiry date must show up on the receipt.
4. A common cause of customers' disputes for online sales is that they don't recognize the description of your company that appears on their monthly credit card statement. So make sure that description reflects your website's name - and include a toll-free number in their statement's description, so they can phone you if they have a problem.
5. For websites, make sure you provide a toll free phone number for customers to call, so they can hopefully resolve problems prior to instituting a dispute via the card company. And have a 'frequently asked questions' section on your site to further clarify issues that might otherwise lead to a complaint.
6. Be careful when accepting online orders if the customer uses a free email service - for if the card was stolen, his identity may be next to impossible to identify later. To be safe, you could ask him to confirm the sale by phone or fax.
7. Set up your shipping process so that the customer's signature is always collected when the product is delivered - and have the shipper forward you a copy of the signed acknowledgement or upon request.
8. A recent development in fraud control is the IVR terminal (www.voicestamps.com) which can record a customer's voice. If he later claims he didn't order your product or service, the voice verification is e-mailed to you so you can prove he did in fact make the order.
9. If you manually process transactions, but don't do
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