Today, online stores face the problem of chargebacks. Often, there is nothing an entrepreneur can do to avoid this secure eCommerce fraud. Therefore, Maxpay developers offer the Ethoca service in their arsenal, which gives you the opportunity to reduce the number of chargebacks.
It is clear that you are better off creating a merchant account with https://maxpay.com/. Thus, you will be able to prevent the transfer of money back if you respond to customer requests in a timely manner.
A chargeback occurs when a payment cardholder contacts their bank to cancel a payment made with their card.
Chargebacks can also be withdrawn using a detailed report to the bank and communicating with the client directly.
The Ethoca service protects against fraud in a certain way and reduces the risk of fraudulent money transactions on the platform. Therefore, Ethoca will help you reduce the risk of fraud-related chargebacks.
However, the final decision on the return of money is made by the company issuing the payment card. If it cancels the payment, no service can reverse that decision.
How to Save the Income of an Online Business?
There is no doubt that you can influence your business even without such tools as a business account and the Ethoca from Maxpay service. You need to follow a few rules that will help you save your company’s money:
- Define your rules of procedure and cancellation policy and implement them.
- Provide an accurate description of the list of your services and recent photos.
- Be both active and responsive.
- Respond to customer inquiries quickly before they escalate into a dispute.
If you use Ethoca, your company will be immediately notified of the customer’s refund. The return request is then sent to the customer’s bank to refund the purchase amount.
It should be noted that the Ethoca service works with different currencies, including USD and EUR in Europe.
Rules to Help You Avoid Chargebacks
In addition to using the Ethoca service, you can implement a few best practices to limit refunds:
1. Clarification of information about additional services and subscriptions.
On your website, it is better to clearly indicate all the information about the launch of a subscription that requires regular payment. After all, many Internet users are launching a refund procedure because of a hidden subscription.
2. Work on effective customer service.
The goal is to have responsive customer support in case of problems. This way, you can avoid the refund procedure without tools like Ethoca. You definitely won’t need to transfer money back if you settle the dispute in a friendly way.
3. Work with a reliable logistics partner.
This will help you even if you have already responded to a client’s dispute with Ethoca. To avoid problems during delivery, it is better to work with an efficient and, above all, meticulous logistics partner during delivery (have proof of receipt). The goal is to be able to easily prove that the product was indeed delivered.
Source: DatingC
