Chargeback is a troublesome issue that affects your business badly and it can be avoided by seeking help from high risk merchant account services in order to fulfill the needs of your business for its growth.
Essential factors to avoid chargeback:
Mentioned below are some of the factors that must be taken into consideration to prevent your business growth from chargeback issue:
- Rules and protocols:
In almost every case, rules and regulations called as set of protocols are thought to be very much important when it comes to purchases via credit card transactions. As the set of rules and protocols promise protection and security therefore, it is considered to be the best possible solution for ensuring the additional security. These rules include validity date on credit and debit cards on the back and front side of the respective card and the personal pin code of the credit card.
To ensure the more protection, here is a specific service called as address verification service AVS whose core purpose is to check the confirmation of address of the card holder with the billing address. It matches both the addresses and check out the related insecure means.
- Confirm the payment descriptors:
The major reason to seek the help of a high risk merchant account is chargeback which is a common act that is insecure and unprotected to your account. Chargeback is the reason of all business disputes which becomes a basis for vague payment descriptors. As payment description is something that appears on your credit card and gives customers knowledge about your business, so it should be clear and authentic enough to be understood by the clients.
Relatively, if the payment description would be unclear to recognize by your customers then it would be a draw back to the growth of your business. As the unambiguous parent name of a company instead of a particular brand name would be confusing for the customer’s purchasing. Hence, business owners can get help from merchant services to include a clear and descriptive payment statement that must be understandable by your customers and clients.
- Security code of three digits:
Every credit card and debit card must hold the contemporary 3 digit code on the back side of card which is known as visa card verification value and it is usually present on the right side of signature comment.
This credit card code is embedded on the card electronically and it contains all the information which is otherwise not public and apparent. Card imprints are usually unable to reveal the code that’s why it is suppose to be a secure service of high risk merchant account. Even in the case of card stolen and used by unauthorized party, the CVV code will not be shown. Other information being present on the card would also be secures and it first check the CVV code and matches it with the purchasing customer to check if this is the actual card holder or not.