This article provides tips to help you reduce the likelihood of having a sale charged back to you.
Being EMV (Europay MasterCard Visa) compliant is the best protection against chargebacks. EMV chip cards contain microprocessors which provide stronger transaction security features and other application capabilities. Unlike magnetic stripe cards, the card chip creates a unique transaction code everytime it is used for payment. This transaction code can only be used once. When a chip card is used, the card's authenticity is verified when data is transferred between the chip and the issuing bank, which creates unique transaction data. Magnetic stripe cards contain unchanging data. When they are swiped, the payment processor matches them to the linked bank account by reading magnetic fields. This makes it easier for fraudsters to copy the information and create counterfeit cards. Please see the attachment below and Article INF23795 for more information on EMV.
Top Ten Ways to Reduce Chargebacks
Chargebacks happen for a variety of reasons. They can cost you a lot of time, money, and even your processing account. Here are a few simple tips to help you reduce chargebacks: