In contemporary society, more and more of what people do is based in the online community. Whether you’re a consumer or a business owner, the importance of having an online presence is becoming increasingly important. But if you’re a business owner with an online presence, how can you expand your customer base and protect your business at the same time?
The answer to both questions is merchant chargeback protection. Chargeback occurs when an order doesn’t go through or an item is not received by the buying customer, and allows their bank to refund the amount of the purchase, as well as charge you a fee. The most common reasons for chargeback are fraudulent purchases and credit card payments not being processed. Merchant chargeback protection not only allows you to protect your business from fraudulent activity, it allows you to protect your customers.
The global e-commerce market generates over $1.2 million every thirty seconds. That means that every 30 seconds, people around the world are making credit card transactions through desktop and mobile devices. Most people know what they’re going to buy and where they want to buy it from before they make their purchase, so if a transaction doesn’t go through on a previously trusted website, they may not want to come back. Keeping your customers safe means keeping your business safe, and merchant chargeback protection services can help you do both!
In 2014, credit card losses heavily outweighed profits. This means that more customers, and the companies that issue their credit cards, are suffering from fraudulent activity, and mostly from online purchases. By monitoring your online presence and investing in chargeback protection for your business, you can help prevent this kind of activity. Online shopping is one of the largest markets in the world, and the more protection you get, the better.
If you were a customer, wouldn’t you feel more secure in a business if you knew they invested in protection against fraudulent activity and chargeback? The idea is, rather than making sure a customer gets their money back for an unfinished or fraudulent purchase, making sure that every purchase is fraud-free and goes smoothly for the customer. Don’t wait until it happens to you to protect your business.