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Chargeback Protection What It Is, What It Does, And How To Get It

October 22, 2015 by Business Plan Video

Credit card payment services

By the end of this year, over 1.2 billion people will make online purchases at least once — and spend 4.6 trillion dollars in the process. That’s nearly 20% of the global population. While it is clear that online ordering is the way of the future, so unfortunately is online theft. Incidents of online theft or fraud are outpacing card use growth and are up 19% in the last two years alone!
One way to protect yourself during payment processing is to investigate your credit card chargeback process. Chargeback protection is just the mechanism by which you can challenge charges you believe were made fraudulently on your account. It’s important to make sure that whatever card company you choose offers some sort of credit card chargeback process, as it’s not mandatory by law.
Usually, the credit card chargeback process goes something like this. When you take out a bank account with this protective payment processing solution, part of the contract will specify the following things:
1. How much of your balance is secured by chargeback protection
2. How to make file a claim of card not present fraud and/or unauthorized charges
3. The deadlines for filing these claims
4. The investigation process and how long it will take
5. When and how you will receive your money back and a new card
6. (And this one is important) Any conditions by which your chargeback protection is voided
If the contract leaves out information in any of these categories then it is important to call your bank’s customer service line or speak in person to a representative. And even if you make a verbal agreement with this person, get something in writing. Legal recourse starts on the blank white page.

Posted in: High risk merchant account, Payment processing consultant, Secure payment solutions

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