How to Protect a Business With Chargeback Defender
A chargeback is a withdrawal from a merchant's bank account after a customer disputes a sale and requests a refund through their credit card company. Chargebacks often stem from identity theft, resulting from the customer's realization and the credit card company's attempts to rectify the situation. A new device, called the Chargeback Defender, allows merchants to protect their business from chargeback risk.
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Instructions
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Sign up for a Chargeback Defender service through LexisNexis or CDGcommerce (see Resources). Both companies offer Chargeback Defender to help merchants and resellers protect business.
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Use Chargeback Defender to resolve address verification failures. Often when an individual steals someone's identity, their is a discrepancy in the address associated with the account, but many credit card machines will process the transaction anyway. Chargeback Defender alerts you if there is a discrepancy in the address.
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Check public records with Chargeback Defender to search for suspicious activity on that account. The program provides a three-digit score as an evaluation of the transaction risk and then you determine whether or not you wish to proceed with the transaction.
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Customize the functions of your Chargeback Defender program to fit the specific needs of your business and your industry. For example, you can implement the program to analyze sales transactions processed on your website.
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Receive a notification before the credit card company debits your account for a chargeback. You have the option to view further details of the chargeback, accept it, or go through an online rebuttal process to reverse the chargeback.
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Verify that your business hasn't already given the individual a refund for the transaction. If Chargeback Defender notes that there was a prior refund, it doesn't process the chargeback.
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