Is it possible to prevent charge back? Charge backs can result in harsh financial and client losses to you, making you to rethink about your fraud prevention strategy.
An unauthorized transaction by the customer is referred to as fraudulent transaction. And can result in a chargeback against you, giving the customer back the amount he/she lost in the transactions from your accounts is known as chargeback.
Honestly speaking chargeback rules are more flexible for customers than for merchants. It gives the customer an upper hand and depletes you financially before letting you have a chance to defend yourself.
For online merchants relying on online credit card transactions, reducing chargeback risk is a major concern. It not only results in the loss of valuable goods or financial damages but also severely harms the brand name and reputation resulting in loss of valuable customers.
Due to recent frauds and easily stolen information chargebacks have become more common than ever, resulting in big online brands and stores having to face strict legal actions causing valuable monetary and business losses.
Chargeback prevention measures
There are various methods for preventing yourself against such losses but unfortunately there are no fool proof system for it, you may never know when a customer files a chargeback against you and you shall have to face the consequences before having the opportunity to defend yourself.
The basic concept of preventions against chargeback is making sure that the information that your customer is providing you with is legitimate and he/she has the legal authority to use that information. There are variety of customer verification methods commonly adopted used before processing any transactions.
Some of them are as follows;
- Online search for the email address to check their legitimacy.
- Using Address Verification Service (AVS) and card verification value (CVV) for verification
- Directly calling them on their phone number to make certain of the order.
But most of these are not very favorable to the customer and may result in their discomfort. As people online likes to have quick and simpler interfere Implying complex or multiple verification processes may result in losing customers.
One of the most convenient and simplest method to use is to integrate your site with a one-time password api. It is one of our prime services that we offer, that significantly helps you stay safe from charge back frauds and maintains your customer’s interest.
What is one-time password?
It’s a pin code sent to the customer trying to make transaction on your site, in order to further proceed with the transition, he/she needs to enter the code that has been sent to him/her.
The best and widely used method of sending one-time password that ensures more security is through the means of sms or voice messaging service using an automated phone verification api.
In this method if the customer fails to enter the right code, then the transaction is not further processed. Using this method, you not only double checks your customer’s info you also have the advantage of inquiring if the phone number he/she used is the same as with his/her bank account to make certain of your customer.
This is one of the fastest and simplest method for reducing chargeback frauds and also very much preferred by the customers over rather than having them to enter lengthy complicated information and waiting for it to be verified.
Over here, we offer our customers with the most updated and easy to use phone verification to the customers through the means of SMS or voice messaging services or both as preferred by you for your online protections.
Few of the quality features that we will be providing our customers with are;
- Easy integration into your existing website.
- Fully automated transaction system for verification process.
- Very understandable and user-friendly interference.
- Gives out compressive results in real-time.
- Comes with best customer support to help your setup and verify.
If you are running an online store and are frightened of charge backs, then don’t worry signup now to let us help you prevent your online business from such frauds.