Chargebacks and dispute settlement



Chargebacks are uninterestingly becoming a part of payment system. This is not good. Although, chargebacks can be unavoidable at times but it has other end too. Consumers claim that 67% such incidences could have been avoidable. But, is it really that easy? So, we need to dig deep to find the answers.

Chargebacks happening again and again can be a real hassle. Also, they can lead to weak customer relationships. So, it is important to have good knowledge about it. More importantly, understanding how to deal with such situation is vital to keep your business functioning smooth.

Saving your business reputation

Emphasise on it. No matter how many times we say this, it is not enough. Keep reminding yourself that without dealing with the situation like a professional merchant you have very few options. Hence, taking actions hurriedly may cause financial loss. Even worse, it may cause harm to your business reputation.

Again, the idea is to handle it properly. Therefore, you need to know very well what are the actors involved in action.

Dealing with chargebacks

Here are three steps to deal with the situation:

  1. Preparing to dispute a chargeback:

The very first step is to inform the bank about the situation you are in. They will review the case and get back to you for further information. So, it is your duty to collect all the information to present the well to your banks.

  • Resolve it with the customer:

Contacting them professionally is very necessary. If the confusion is not clear, ask them to contact their banks. Also, share necessary proof and information to clear the situation.

  • Bank- the last resort:

If nothing works, then inform your bank through an official letter. Provide them with the necessary documents. As a last resort, take the legal procedures necessary.

Avoiding chargebacks

Like you can see, dealing with chargebacks can be more than just a hassle. It can slow your growth by involving you into unnecessary engagements. Therefore, prevention is the best cure here!

PayFasto can help you decrease and avoid chargebacks. Also, there is never just one way of fixing chargeback problems. But if you find yourself in problems, start finding out what is causing them and close the hole. Reach us out, we will help you avoid chargebacks.

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