Finance and Business Blog

The holiday season means big business for every store owner. Most of the sales for the year will happen in just a few short months for many shops. But along with all of the sales comes the possibility of chargebacks. The more chargebacks you end up having will mean your bottom line will be lower than where you want it to be. There are ways that you can reduce holiday chargebacks, and it starts with you knowing how to reduce credit card chargebacks.

How You Can Reduce Chargebacks This Holiday Season

Once the shopping time is completed, and the gifts are exchanged, the chargebacks start. People will get their first credit card statement and look it over and start to wonder if every charge was theirs or not. To help reduce the number of chargebacks, what you can do here are some things.

• You will want to keep your computers and equipment up to date with the latest updates. Outdated devices and machines can increase the number of chargebacks because they are not catching security issues that were fixed in the latest update.
• You will want to be using the latest security measures on the market today. This will include an updated SSL certificate, purchase verification using updated protocols, and much more. One missing piece can mean a drop in sales.
• You will also want to keep updated records of all your transactions. This means keeping receipts and shipping information. If a chargeback happens, you will need this information to see why the customer wants a refund.
• You will want to ensure that all product descriptions are readable on the receipts and descriptions that identify what was purchased and where the purchase was made. Vagueness will help drive chargebacks, because people will not remember where things were purchased.
• Provide the best kind of customer service you can during the holidays. Make sure your employees are polite and remind customers of the return policy. When a customer does not understand the return policy, a chargeback will take place through their bank or credit card company.

The holiday season is supposed to be a wonderful time of the year for both consumers and business owners. You can keep yourself from becoming a victim of chargebacks by following the suggestions above. You will also want to engage in clear communication at all times, so everyone knows what is expected of them during the holiday season.

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