Five Tips To Relieve Your Business Of Unnecessary Chargebacks

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If you’re the proud owner of a small business, or even just a simple at home operation, you should understand the value of avoiding unnecessary chargebacks.  Small and prevalent chargebacks can seem miniscule and inconspicuous at first, but they add up quickly.  The gravy is in the small things.  You will be amazed how effective a full inventory of your expenses could be at reducing your costs and increasing your profits.  Here are a few helpful tips to assist you in relieving your business of any unnecessary chargebacks.

Use an easily recognizable charge name

If you own your own small business, be sure to register an easily recognizable name with any credit card companies you intend to use.  This way, your clients will never have a problem distinguishing which charges originate from your company on their monthly credit statement.  Too often, unnecessary chargebacks are created from an issue in the company’s communication with their customers on all levels.  So be thorough in every possible line of communication, right down to the simple spelling and labeling of your company’s information.

Follow the protocol set forth by your financial processor

All credit card processing companies have their own specific rules they want you (as a company) to follow when using their services for daily customer charges.  These rules aren’t simply a suggestion.  You should probably follow them strictly, and always make sure that you enter all the information possible when running someone’s card.  Train your employees to be thorough, and it might just save you a chunk of change in the long run.

Make sure to adhere to all set deadlines

Not all of the chargebacks you’re presented with are going to be unfounded.  Just because most of them are, doesn’t mean that you can completely ignore this issue.  You should still follow through with each complaint, and adhere to all the legal deadlines set by your credit card company.  Your clients shouldn’t have to pay for something they didn’t actually purchase or receive.  That’s just good business, and your customers will notice.

Seek out professional advice

If you find that you have gotten yourself and your company into a spiraling mess that you may not be equipped to deal with, don’t be afraid to seek out professional advice.  No matter the situation, there’s always someone who knows a little more about it than you do.  A financial advisor, or a specialized lawyer may be the best way to start your hunt for the right professional.  Always put in the time to research who you are potentially working with, and you will find it to be a positive quality to maintain in the end.

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