Merchant Learning Center

Chargeback Fees Explained + 7 Tips for Prevention

Chargeback Fees Explained + 7 Tips for Prevention

Chargebacks are painful and expensive. Billions of dollars are lost in chargebacks by businesses every year, and in 2017, the average dollar in chargebacks cost merchants $2.40. That means for $500 in chargebacks, you could be paying up to $1,200 in fees! Now expand that number over every chargeback and multiple years in business, and it’s easy to see why this is a big issue for many businesses. Chargeback costs include:

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Gift Cards for Small Business: Why & How to Get Started

Gift Cards for Small Business: Why & How to Get Started

The blog below has everything you need to begin accepting and growing your business with gift cards. From choosing what type to various marketing ideas, you’ll walk away confident about how to best approach gift cards. Gift cards are useful for all businesses Gift cards are a win-win for both small businesses and customers. They provide a more thoughtful gift avenue than cash for consumers, and for businesses they help bring in new and repeat customers while fighting back against lull periods (I’m looking at you post-Christmas).

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Payment Reversal Explained + 10 Ways to Avoid Them

Payment Reversal Explained + 10 Ways to Avoid Them

If you’ve been in business longer than a month, you’ve probably experienced a payment reversal of some kind. Certain payment reversals (I’m looking at you, chargebacks), are so prevalent that business owners have to budget them into their expenses every month. The frequency of payment reversals is tied to an interesting intersection of technology, law, and product/market type. If your online store doesn’t do a good job with its descriptions, you may deal with more payment reversals.

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Chargeback Fraud: What it Is + How to Prevent It

Chargeback Fraud: What it Is + How to Prevent It

Chargebacks are often the bane of business owners existence — they’re tough to fight, expensive, and often frustrating. It’s often tough to discern between honest chargeback mistakes and actual chargeback fraud, and the burden falls on you to make the case for which transaction is which. This involves contacting both the bank and customer and providing accurate records of the transaction. Businesses have to deal with: Lost revenue Recovering or forfeiting sold products Eating transaction fees incurred during the fraud.

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What is a Merchant Account? Everything You Need to Know

What is a Merchant Account? Everything You Need to Know

If you want to accept credit cards from your customers online, in person, or on the phone, your first step is getting a merchant account from merchant account provider. Even though it’s a fundamental part of modern businesses, it can be more difficult than you think to choose the right provider & make sure your application gets approved. We’ll cover what a merchant account is and exactly how to make the right decision for your business, regardless of size or industry.

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Credit Card Surcharge: Fees, Laws & More Explained

Credit Card Surcharge: Fees, Laws & More Explained

Interchange fees are easily the most confusing transaction fees you need to understand as a merchant, but they are also arguably the most important. They make up the bulk of the fees you pay and can vary widely across industry & customer base, and it’s all too common for shady merchant services providers to charge extra percentages or purposely confuse clients on the terms of interchange in hopes of getting more money.

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Interchange Fees & Rates: What You Need to Know

Interchange Fees & Rates: What You Need to Know

Interchange fees are easily the most confusing transaction fees you need to understand as a merchant, but they are also arguably the most important. They make up the bulk of the fees you pay and can vary widely across industry & customer base, and it’s all too common for shady merchant services providers to charge extra percentages or purposely confuse clients on the terms of interchange in hopes of getting more money.

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EFT vs. ACH: What’s the Difference?

EFT vs. ACH: What’s the Difference?

As you’ve been learning about different transaction types and pros & cons of each for your business, you’ve probably come across EFT and ACH. Some people use these interchangeably, some confuse them, and some use them without exactly knowing what they mean. As a business owner, it’s advantageous for you to be informed. Different payment types dictate the flow and cost of money exchanges. Even a small percent change in fees or timing difference across types can make a world of difference.

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AVS (Address Verification System) Explained

AVS (Address Verification System) Explained

It doesn’t matter what type of business you have, if you’re conducting online transactions consistently, it’s important to have a set of order review measures in place. Apart from the obvious benefits of fraud prevention, order review measures build customer trust and increase your leverage in chargeback cases — ultimately reducing your overall chargeback expenses. And the more you grow, the more important these measures and the system that you keep track of them with becomes.

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AVS (Address Verification System) Explained

AVS (Address Verification System) Explained

It doesn’t matter what type of business you have, if you’re conducting online transactions consistently, it’s important to have a set of order review measures in place. Apart from the obvious benefits of fraud prevention, order review measures build customer trust and increase your leverage in chargeback cases — ultimately reducing your overall chargeback expenses. And the more you grow, the more important these measures and the system that you keep track of them with becomes.

Read more →

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