An unfortunate part of running a business is the risk of chargebacks. While they are a natural part of accepting credit card payments, if they get too excessive, it can make you a ‘risky’ merchant, causing you to lose your merchant account. Here’s what you must know. What is a Chargeback? A chargeback is a …
What to Know About Chargebacks, How to Avoid Them, and How to Win Them Read More »
China made a surprising decision when they postponed Ant Group Co.’s IPO. The decision caused Hong Kong shares to plummet and made investors wonder about the financial future of the fintech company. The postponement came after a meeting between one of Ant’s founder and Chinese regulators. The Shanghai Stock Exchange also removed the company from …
Chinese Fintech Firm, Ant Group, Forced to Postpone Record IPO Read More »
Friendly fraud can be summed up as an honest mistake: reporting a charge as fraud when a customer did indeed make that purchase. Often times this happens unwittingly either by another member of the household or by the cardholder themselves long since forgotten. Instead of working with the merchant to obtain a refund, customers file …
What is “Friendly Fraud” and How Can My Business Handle It? Read More »
Implemented in 2018, the Visa Claims Resolution (VSR) program promises to resolve chargebacks faster and avoid invalid disputes by simplifying the dispute process. The program came after Visa discovered the average chargeback takes around 46 days to resolve at a high cost to Visa, merchants, ecommerce platforms, and merchant services providers. The VCR program was …
Visa Claims Resolution Could Mean Less Chargebacks Read More »
Though merchants always try to avoid chargebacks the fact of the matter is that sometimes they happen. Though retailers hate it when the bank sends back a customer’s payment, every one of them has to be prepared to deal with this occurrence. Credit card processing is often a problem for merchant services as not every …
Just over 12 months have gone by since the merchant services and credit card processing industry in the United States faced the historical EMV liability shift. October 1, 2015 was the big day. Switching to the Europay, MasterCard and Visa (EMV) system has been a major responsibility in terms of installing terminals and educating shoppers …
The transition to chip cards, or EMV (Europay, MasterCard and Visa chip technology) hasn’t been an easy one for merchants to adopt. In order to ensure that they are compliant with new rules, merchants have had to upgrade credit card processing systems in order to accept the new chip cards. Failure to do so leaves …