Whenever a customer disputes a charge or claims a fraudulent transaction, the credit card provider demands the retailer make good on that loss. This is called a chargeback. Chargebacks were initially intended to build customer trust in credit cards nearly four decades ago. However, customer dissatisfaction is one of the…
Nowadays, buying online is made simple with the use of virtual shopping carts. If you’re a small business owner who wants to start selling online, you may be asking yourself “how does eCommerce work?” We’ve compiled the essential information you need to make eCommerce work for your business. Web Hosting- Any…
Is EMV important? Why do we need it now? Protecting yourself against counterfeit fraud is one of the main benefits to implement EMV because it’s virtually impossible to recreate the chip. The October 1, 2015 shift has caused some serious headaches, but the ultimate goal is to fix the…
What do Amazon and banks have in common? More than you may think. Amazon has changed the face of retailing in recent years. Now it appears to have the power to change something equally as significant — consumers’ relationships with their banks. We all know that Amazon has become the…
The benefits of accepting credit cards are many. Among other things, accepting cards can help legitimize your business, boost sales and encourage impulse buying, as consumers find credit cards a convenient, advantageous way to pay for purchases. But from time to time, you may encounter a chargeback, which can be frustrating, especially…
There’s a popular perception that cash is on its way out. In fact, some restaurants—like the chain, Sweetgreen, for example—have been attracting media coverage because they no longer take cash and as you may have noticed, cash is no longer accepted for airline drink service, while most corporate dining rooms are now…
While the way we do business has transformed over the years, one thing has stayed the same: good businesses have good accounting. One of the main reasons why any business fails is because they don’t properly manage their cash flow. Some of this comes from faulty-decision making. But poor accounting…
A purchase may not go as planned. You may not know if you should issue a refund or fight a chargeback. There are three types of fraud in the world of chargebacks. There’s true fraud. That’s where a fraudster uses stolen information to purchase merchandise. The actual card holder of…
Visa recently announced that they will be revising their chargeback/dispute process. Visa Claims Resolution (VCR) is a new global program that will be implemented in April 2018, in an effort to resolve chargebacks faster on Visa’s side and preventing invalid disputes from entering the system. The new program will simplify…
