Don't let chargebacks ruin your business — Use these Chargeback Reduction Strategies

If your business has a high chargeback ratio, it can be difficult to maintain your merchant account. A high chargeback ratio means that you are not only losing money from the chargebacks themselves, but also from the fees and penalties that your credit card processor will assess. In this blog post, we will some chargeback reduction strategies that can help you reduce your chargeback ratio and maintain uninterrupted credit card processing.

1. Improve your customer service

One of the best ways to reduce chargebacks is to improve your customer service. If your customers are happy with your product or service, they are less likely to file a chargeback. Make sure that you are responsive to customer inquiries and complaints, and that you take care of any problems that they may have. Good customer service features include a 24/7 call center, email support, chat support, and both local and toll-free customer service numbers.

2. Use a chargeback reduction service

There are services available that can help you reduce your chargeback ratio. These services work with your credit card processor to identify chargebacks that may be preventable, and they help you take steps to prevent them from happening. A few chargeback reduction services include RDR, Ethoca, VMPI and OI.

3. Keep accurate records

Good record-keeping is essential for chargeback reduction. Make sure that you have documentation of all transactions, and that your records are up to date. This will help you dispute any chargebacks that are filed against you, and it will also help you avoid chargebacks that may be caused by incorrect billing.

By following these chargeback reduction strategies, you can keep your merchant account in good standing and avoid the fees and penalties that come with a high chargeback ratio. It's also important to work with a merchant account provider that can provide the right type of personalized service for your business. Our merchant account comparison tool will get you on the right track to finding the best merchant account service provider to suit your needs. Try it now!