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What are the most effective ways to recover funds lost to chargebacks?

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Chargebacks are a costly and frustrating problem for any business that accepts credit card payments. A chargeback occurs when a customer disputes a transaction with their card issuer and requests a refund. This can happen for various reasons, such as fraud, service issues, or buyer's remorse. However, chargebacks are not only a loss of revenue, but also a potential threat to your reputation and your relationship with your payment processor. Therefore, it is essential to know the most effective ways to recover funds lost to chargebacks and prevent them from happening in the first place.

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1 Understand the chargeback process

The first step to recover funds lost to chargebacks is to understand how the chargeback process works and what your rights and responsibilities are. Depending on the card network and the reason for the dispute, you may have different time frames, rules, and evidence requirements to respond to a chargeback. You should familiarize yourself with the chargeback codes, policies, and procedures of each card network that you accept and follow them accordingly. You should also keep track of the status and outcome of each chargeback case and learn from your mistakes.

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Sheryl Allred

Crushing my client’s chargebacks; Winning them Millions $$$ a year! Talks about #chargebacks, #smallbusiness, #creditcards, #processing, #merchantservices, #disputes
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One thing that has helped my clients win chargebacks is to look at the customer's specific complaint and create a rebuttal around that. Your response should look different if the customer is claiming they never received the merchandise versus if they claim that the merchandise was damaged.

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2 Challenge invalid chargebacks

The second step to recover funds lost to chargebacks is to challenge any invalid or fraudulent chargebacks that you receive. Not all chargebacks are legitimate, and some customers may abuse the system to get free products or services. If you have proof that the transaction was authorized, delivered, and met the customer's expectations, you should dispute the chargeback and provide all the relevant evidence to your payment processor. This may include receipts, invoices, delivery confirmations, contracts, communications, and any other documentation that supports your case. You should also contact the customer and try to resolve the issue amicably before escalating it to a chargeback.

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Sheryl Allred

Crushing my client’s chargebacks; Winning them Millions $$$ a year! Talks about #chargebacks, #smallbusiness, #creditcards, #processing, #merchantservices, #disputes
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You should absolutely challenge any disputes you receive (unless they are valid, just accept those.) For fraudulent chargebacks, provide all personal information you have on the customer; i.e. AVS Approved Billing Address, Full Name, Email Address, Phone Number, IP Address. It is important to keep records (emails, signed documents, proof of delivery) for each transaction in case of a chargeback.

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3 Prevent future chargebacks

The third step to recover funds lost to chargebacks is to prevent them from happening again by implementing best practices and preventive measures. To reduce the risk of chargebacks, you should have clear and accurate product descriptions, images, and prices on your website or store. Additionally, provide excellent customer service and communication, and respond to inquiries and complaints promptly and professionally. Utilize secure and reliable payment methods and fraud prevention tools, such as 3D Secure, CVV verification, and address verification. It’s also important to follow the card network rules and regulations for processing and refunding transactions, as well as use consistent and recognizable billing descriptors. Furthermore, educate your customers about your policies and terms and conditions, obtaining their consent before charging them. Finally, offer flexible and fair refund and return policies which should be honored when applicable. By following these steps, you can recover funds lost to chargebacks while protecting your business from unnecessary losses. Chargebacks are inevitable but with the right knowledge, strategy, and tools you can minimize their impact.

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Sheryl Allred

Crushing my client’s chargebacks; Winning them Millions $$$ a year! Talks about #chargebacks, #smallbusiness, #creditcards, #processing, #merchantservices, #disputes
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I cannot express enough how important customer service is in order to prevent a chargeback. It's silly, but if a customer calls-answer the phone. Respond to emails within a 24 hour period. Be flexible with refunds/returns. It is also important to provide clear and accurate product/service description. If the customer is clear on what they are purchasing, they will not have any unpleasant surprises later.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective ways to recover funds lost to chargebacks?

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1 Understand the chargeback process

2 Challenge invalid chargebacks

3 Prevent future chargebacks

4 Here’s what else to consider

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