Chargeback protection explained: everything you need to know
Mar 03, 2022
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If you are reading this article, it means that you are somehow connected with the world of e-commerce. Hopefully, you have never suffered from a lack of chargeback protection, yet if you had we are here to provide you with basic guidance so you never make the same mistake again.What is a chargeback?
It is generally defined as a certain amount of money which were charged for a particular purchase and which is returned to the buyer’s payment card, as a result of a successful solution of a dispute on their transaction.
Several chargebacks, which are claimed nowadays, are reasonable as far as they happen due to mistakes or misunderstandings. In such cases, customers may use the SEPA Chargeback process that will protect them from erroneous payments and is available all around Europe.
What is friendly fraud?
However, not all the chargebacks are reasonable. Twenty-first-century creative minds built up a completely new scheme that makes a profit on the SEPA system and it is called friendly fraud. Scammers may buy goods for significant amounts of money, when the delivery arrives they pick up the goods, and then claim a chargeback. This way they are able to receive goods for thousands of EUR or USD absolutely for free and get away with the punishment. Meanwhile, the whole loss rests on the seller’s shoulders who remains not only without any protection but with a whole bunch of various fees.
How to defend yourself?
If you are a merchant and described above story happened to you no worries there is a solution – chargeback protection. It is a set of services granted by a chargeback protection provider that implies its takeover of responsibilities for all disputes around unauthorized and/or fraudulent transactions. Such services are vital nowadays as far as solving these disputes is an incredibly delicate and time-consuming issue. Therefore, this is one of those tasks, which should better be delegated to professionals in this sphere.
Several companies offer chargeback protection services, however, the most efficient and quick is the one developed by Ethoca, which main advantage is real-time notification. So whenever a dispute starts Alert system identifies it and informs merchants allowing them to communicate and solve problems with issuers directly.
How to become a part of the chargeback protection system?
In our unbelievably fast-changing world and total digitalization, a modern merchant cannot be described without an online account and eWallet. Apart from bringing convenience those two also give us some anxiety as there is always a danger of scammers’ attack. So you should pay special attention to your online account security. MaxPay company comes to help you with that. It is not only a well-known and convenient online payment gateway service provider, but it also guarantees you access to the Ethoca chargeback protection system. Link your eWallet to the https://maxpay.com/ account and secure yourself.
Conclusion
Undoubtedly, the topic of chargeback protection has become more relevant in recent years. Numerous inexperienced merchants struggle with long, tedious disputes and collateral damage. Luckily the twenty-first century offers efficient and easy solutions saving your time and money. Choose a proper protection service provider and reduce your anxiety.
Tags: English