HIGH RISK MERCHANT ACCOUNT SPECIALISTS
By Aditya WilliamsComments Off
We are living in such an era where there are endless ways to commit fraudulent activities, and this incurs a significant loss to the business. You will come across dozens of merchant service providers who look legitimate, but then sooner or later, you will come to know about their true identity. They offer good schemes, but they are all fake.
Even though digitalisation has been a boon for business owners like you, but it has been equally beneficial for fraudsters to try different ways of stealing money from you too.
If a person asks for a chargeback or a refund or any other kinds of fines, will be first initiated to your payment processor. It can be either your bank or the credit card company which allows the payment transaction. Readers may note that no one wants to incur a loss and particularly banks and credit card companies. If they suffer a loss because of your business, then be rest assured that it will be levied on you to recover those losses. You will have to pay a financial penalty, which could range in between $5000 to $10,000 depending on the kind of penalties and fines the bank issues. Plus, these instances also make you damage your relationship with your bank and service provider.
Customers usually charge chargebacks when they fail to recognise an item on their bank statement. When they feel that someone might have used their detailed to make an unauthorised transaction, they right away file a chargeback fraud. Which in reality is not a scam or a fraud. Although, there will still be customers who will intentionally file chargebacks, so to overcome this challenge, follow these simple tips:
Always be honest about what you are selling and let your customers know that for some products, they might not read the full product detail on their bank statement. Tell them, if they do see such a transaction, they should get in touch with you first to confirm the transaction.
Try to use detailed and elaborated product description to avoid such situations.
Make sure that you provide easy to find tracking details to your customers so that they know where their parcel is. Because people also file for chargeback when their payments go through, but they never receive the actual product.
Ensure to have a document conversation with all your customers. When chargeback happens, you as a merchant should also adequate proof that it is a legitimate transaction.
Although it is difficult to identify fake websites for products and services, still we will give you some essential tips to save yourself from such scatters. There are unfortunately loads of fake online high-risk merchant account provider who pretend to be genuine.
Genuine websites will never make false claims and promises. Neither will they make it hard for the viewers to understand their site. Therefore, always take a good glance at the type of website a merchant has.
Look for a suspicious domain name. People who scam through the fake website will often have a fishy domain name with extravagant colours scattered here in there highlighting bogus claims all over the site, rather than focusing on problem-solving issues. They will manipulate your brain in concentrating more on their offers rather than the real deal. Be careful about that.
Fake websites often have grammatically incorrect content. That’s, by the way, is the easiest way to find out about a fake website.
Also, counterfeit sites will never offer a genuine payment processing gateway. They are in a hurry to make money and not spending money.
Ensure that you do adequate research about your high-risk merchant account provider. You never know who is trying to cheat you. Remember the kind of frauds that bank and merchants face and it is ultimately the merchant who has to bear all the loss. Do your initial research and don’t be a victim.
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