Retailers are being negatively affected by chargeback fees. This means that they are having to pay for fraudulent or disputed transactions that have been made at their business. If these fees are not taken care of quickly, the fees will increase as well as cause fees on your merchant account. If you wait too long to pay these fees you face the possibility of the bank terminating your merchant account.
Luckily Liz Parks’s article on nrf.com informs that there are chargeback management firms that help to eliminate these fees. In order to manage chargebacks effectively, you have to have a mix of knowledgeable people and top notch technology. According to Liz, chargeback is managed by keeping detailed records about signature, contracts, communication, and reports. Once you begin having your chargebacks managed, you will start to see a drop in occurring charges.
Looking into getting your chargeback fees managed can save your business a ton of money. The best way to keep your merchant account risk free is to have someone manage your chargebacks.
Click here to learn more about chargeback management and to read the full article by Liz Parks at nrf.com.