Dealing with chargebacks might be challenging, especially if you are an owner of a high-risk business. We at Maxpay understand your struggles, as we work with lots of high-risk companies. Hence, we prepared some tips for you to prevent chargebacks.
How to avoid chargebacks
- Set comprehensible and fair refund policies on your website;
- Make sure your product or service descriptions are detailed and accurate;
- Ensure that your website is compliant with all the security standards;
- Find a reliable delivery company and set realistic delivery time;
- Keep all the information and receipts of every transaction;
Last, but not least, open a merchant account with Maxpay to get chargeback prevention services.
Manage chargebacks with VMPI
Visa Merchant Purchase Inquiry (VMPI) is a great solution to reduce chargebacks related to friendly fraud and customers not recognizing the transaction. Integrated through Covery anti-fraud platform, it allows issuers and merchants to work together to prevent disputes from happening, as well as keep the customer experience at a high level.
Prevent chargebacks before the dispute starts
With VMPI you can avoid chargebacks before they even happen. It works like that:
- A cardholder wants to dispute a transaction and calls their issuer bank to do so. The issuer uses Visa Resolve Online (VROL) to find the transaction.
- In turn, Visa sends an XML message, which contains data elements to identify the transaction to a merchant (if a merchant uses VMPI). Covery also gets data from the VMPI database and complements it with data from Trustchain.
- Using the information, the merchant can gather crucial data about the transaction to validate it and send it back to the VROL in near-real-time.
- Visa then redirects acquired information to the issuer, which shares it with a cardholder to decide what to do with the dispute. If a friendly fraud is detected, or the customer admits that they did make a purchase, but didn’t recognize the transaction, a chargeback is prevented.
Stop and reduce chargebacks for an exclusive price
With Maxpay you will need to pay only 14 euros per alert – twice cheaper than with other companies. All thanks to our partnership with Verifi – a payment protection company. You can find out how Verifi’s solutions add another layer of protection from chargebacks for our merchants here.