3 Tips to Reducing Chargebacks
Every carrier today offers signed delivery receipts. If this cost is prohibitive to your business model, opt for delivery confirmation instead. A delivery confirmation service adds a very small amount to the postage and still provides you with a record of evidence.
In addition to the three tips found above, keep customer records and account histories to track suspicious activity and lower the risk of accumulating chargebacks. Not only are these data sets important in reducing chargebacks, they're also relevant tools in defending against chargebacks you were unable to prevent. The more accurate and detailed your records, the better equipped you'll be to handle customers effectively and reduce the likelihood of them seeking resolution through other parties (e.g., their credit card company).
Monica Eaton is the founder and CEO of Chargebacks911 and Fi911, as well as Chief Information Officer of Global Risk Technologies. Monica has worked tirelessly to educate merchants and financial institutions about hidden threats in the rapidly changing payment fraud landscape. Leading Chargebacks911, was founded in Tampa Bay, Florida, expanding internationally also to become Europe’s first chargeback remediation specialist to tackle the chargeback fraud problem. In ten years, Chargebacks911 has successfully protected more than 10 billion online transactions and has recovered over $1 billion in chargeback fraud.
Recognizing that the impact of chargebacks goes beyond merchants, Fi911 provides unrivaled support to financial institutions with innovative back-office management technologies. Fi911’s pioneering DisputeLab™ tool streamlines chargeback management for acquirers, automating legacy processes and standardizing methods that simplify and speed the end-to-end workflow, improving the customer experience and accountability for all stakeholders.
Monica is a passionate diversity advocate committed to developing and sharing innovative solutions that empower the global fintech space. She has earned numerous awards, distinctions and special recognitions, including the Retail Systems Awards, where she received the ‘Outstanding Individual Achievement Award’ and was named ‘Global Leader of the Year’ at the Women in IT Awards.
