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When a cardholder disputes a transaction and requests that their card issuer cancel the transaction, this is known as a chargeback. Payment dispute mechanisms are designed to safeguard consumers against fraudulent charges; however, they can cause significant administrative burdens for businesses, particularly when these disputes are issued erroneously or fraudulently. When a customer initiates a chargeback, the card issuer keeps the money in question until the dispute is resolved.
As a business owner, you will NOT get your money back from the bank if they rule against you. In the event that the bank rules in your favor, the funds in question will be returned to you. The process can be time-consuming and tedious due to the copious amounts of paperwork required, with high probability of loss of funds. But fear not, Von Payments can help!
Every business that accepts debit or credit card payments needs to be vigilant about avoiding chargebacks and other unwelcome fees. A greater number of chargebacks naturally occur more often in certain industries than others. Among some of these are:
Businesses in these industries tend to deal with high price points, “risky” products, and high sales volume, which tend to result in higher chargebacks and disputes. High risk credit card processing is thus a necessity for many businesses as traditional processors turn them away due to the frequent chargebacks that plague them. Since Von Payments already specializes in the former, count on us to provide expertise on the latter, too.
A "one size fits all" strategy will never work when it comes to chargeback management and risk mitigation. Your business is unique, so your chargeback disputes will vary case by case as well.
Here at Von Payments, we don’t just stop at providing you with the best payment processing solutions to maximize your business potential, we also want to help you keep most of your hard earned dollars. While chargebacks are a natural part of processing payments online, we will help you prevent most chargebacks at the source, and track, manage, analyze, and represent you when these disputes escalate.
Disputes can be avoided entirely with the help of chargeback alerts, a service provided by chargeback management companies. Banks and alerts providers collaborate closely to ensure that their merchants are informed of impending chargebacks in a timely manner. As a result, the merchant has a chance to fix the problem before it results in a chargeback.
Von Payments can help you cut your chargeback ratio by as much as 40% by addressing potential disputes before they turn into chargebacks.
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In the event of a chargeback, we personally investigate the situation, compile evidence, and re-present the transaction to the bank. For this reason, we only take on chargeback cases where we have a good chance of succeeding and getting money back to the merchant.
Von Payment chargeback representation service is designed to help you gather crucial data for informed decision making, from observing reason code to optimizing dispute responses to fighting the actual chargebacks and finally provide you with timely ROI reports regarding dispute rate, win rate, and recovery rate.
From our years spent fighting chargebacks, we learned that RDR, or Rapid Dispute Resolution, is one of the more effective methods of preventing disputes before they become actual chargebacks, and thus we highly recommend RDR over others.
Developed by Visa, RDR triggers at the card acquirer level, automatically refunding transactions with high likelihood of becoming chargebacks on your behalf. As such, RDR is a fantastic solution to reducing your chargeback ratio, ensuring the health and longevity of your merchant account. Even if you're already in breach of Visa's chargeback threshold, you can quickly reverse course and your chargebacks under control with RDR.