At Bespoke Merchant Solutions, we understand it can be difficult...
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At Bespoke Merchant Solutions, we understand it can be difficult...
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In simple terms, a chargeback is a reversal of a card transaction – a refund.
However, a chargeback is different from a refund in one crucial way. A refund represents a dialogue between the consumer and the merchant, whereby the consumer asks the merchant for their money back; a chargeback is when a consumer asks a bank to withdraw money from a business account forcibly.
Following this request, the bank investigates the consumer’s complaint and, if the bank thinks their dispute is legitimate, the bank can withdraw money from a business account and return it to the consumer.
In theory, chargebacks should only occur in instances of fraud. In all other instances, the consumer should approach the merchant first, only going to the bank if the consumer and merchant cannot settle the dispute. This way, the bank can investigate the claim and come to a decision.
However, theory and practice are two different things. There are several reasons why consumers circumvent the merchant and go straight to the bank to try and get their money back instead of going to the merchant first.
However, by going straight to the bank, consumers can inadvertently plunge your business into a lengthy and costly financial dispute that could result in you losing money and stock.
Chargebacks are also vulnerable to being instrumentalised by fraudsters. Because a chargeback doesn’t require the consumer to return the product, fraudsters often purchase products and request bank chargebacks, walking off with your product and their money.
The chargeback process has several flaws that can destabilise a business:
At Bespoke Merchant Solutions, we provide you with a dedicated account manager. Our account managers have a 100% chargeback dispute success rate. If your business was to have an investigation brought against it or funds are taken out of your account by the bank, our account managers, who are leading industry specialists, will conduct a free investigation, taking the stress out of the situation and allowing you to go back to doing what you do best.
If you want to protect yourself against chargebacks in the run-up to Christmas or ensure that your time is spent on your business and not on a costly investigation, get in contact today and find out how we can help your Do Business Better!
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