“Chargebacks” Posts

EMV Liability Shift: Explained

EMV Liability Shift: Explained

The EMV liability shift refers to the 2015 transfer of responsibility for fraudulent losses from the card brands to businesses in cases when the fraud occurred on an incorrectly processed chip card. There is an entire underground economy powered by stolen credit cards. With traditional magnetic stripe cards, a fraudster could simply obtain one, make copies using a cheap machine and hire people to go shopping. The credit card issuers (MasterCard, Discover, Amex and Visa) were liable for these unauthorized transactions, resulting in losses that exceeded $16 billion in 2014, according to WalletHub. The staggering losses encouraged the card issuers…

How to Avoid a Credit Card Chargeback and Obtain Buyer Intent

How to Avoid a Credit Card Chargeback and Obtain Buyer Intent

If you work for an auto dealership, you may, unfortunately, be familiar with the following scenario: A customer calls your dealership to book a service. You don’t have one of the necessary parts on hand, so your dealership orders it and plans to bill the customer when the service is completed. However, the customer ultimately ends up going elsewhere for the service, leaving the dealership to cover the cost of the ordered part. Capturing buyer intent is a goal for any auto dealership. It ensures that the orders you place and conversations you have really go somewhere. It helps…

Is Poor or Outdated Signature Capture Holding Your Business Back?

Is Poor or Outdated Signature Capture Holding Your Business Back?

Do you groan when you see another chargeback roll in? Would you describe your signature capture system as “jerry-rigged,” “improvised” or “works well enough, I guess, most of the time”? Fixing outdated signature capture may have surprising power to improve your business’ security and even marketing opportunities. Read on to learn how to keep signature capture mistakes from holding you back. Increased Risk of Chargebacks A chargeback is a consumer protection option, allowing consumers to dispute a credit card charge. If the credit company investigates and finds the charge is invalid, the merchant has to refund a purchase that had…

What Is a Chargeback?

What Is a Chargeback?

Providing a simple chargeback definition isn’t easy because there are multiple types of chargebacks that can be filed. While they all share the same desired outcome, they differ in intent. But first, what is a chargeback? A chargeback is a reversal of a prior transaction that results in the reimbursement of a customer’s funds. It was originally invented as part of The Fair Credit Billing Act of 1974 to protect consumers from fraud. Essentially, if a customer’s credit card is stolen, he can chargeback any transactions made by the fraudster and have the transactions removed from his…