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Why you Need to Record all Chargebacks | Vindicia PowerPoint PPT Presentation


Chargebacks are a necessary hassle for all companies utilizing the online subscription business model. If not managed correctly, they can wreak havoc with your subscription billing system. It is important to record all chargebacks as they can help in future business payment systems.Read to know few reasons why proper chargebacks records are important.

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Why you Need to Record all Chargebacks | Vindicia

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Why you need to record all chargebacks vindicia

Why you Need to

Record all

Chargebacks

© 2015 Vindicia, Inc. All rights reserved. Vindicia Confidential.

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Why you need to record all chargebacks vindicia

Why you Need to Record all Chargebacks

Chargebacks, whether they're due to fraudulent card use or faulty services, are a

necessary hassle for all companies utilizing the online subscription business model. If not

managed correctly, they can wreak havoc with your subscription billing system. When a

chargeback occurs, it's important to update your payment systems and ensure that all

data pertaining to the transaction was chronicled appropriately. Here are a few reasons

why proper records are important:

Chargeback data informs future business decisions

Your business needs to utilize customer data before moving forward. Information attained

from chargebacks can help your business identify mistakes in your current strategy. It's

not enough to simply respond to chargebacks. Your business needs to use the wealth of

knowledge that can be gained through this information to understand how fraud affects

your business or why customers are dissatisfied with your products.

Chargebacks notify you of discrepancies and errors

When you keep detailed records of all chargebacks, you're essentially providing yourself

with a way to manage any suspicious activity that appears in your monthly statements. If

you notice something isn't right, you need the ability to sort back through all transactions

and identify when a chargeback occurred and why.

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© 2015 Vindicia, Inc. All rights reserved. Vindicia Confidential.


Why you need to record all chargebacks vindicia

As soon as an issue is identified, you need to contact your payment processor. They

should be able to explain the subscription billing situation to you and determine the

necessary steps to keep further discrepancies from occurring.

In general, it is smart to discuss your monthly statements with your payment processor

just to help build a strong working relationship. Consistent interaction with your processor

will help once there is a real issue at hand.

Proper records allow you to make a case to keep the money

According to CreditCards.com, when a customer notifies his or her bank of a

chargeback, it will reach out to the merchant with a request for all data you have on the

transaction. John Monarch, CEO of Direct Outbound, a chargeback call center dispute

firm, said that companies will be better off if they provide this information in a timely

manner.

"The best plan of attack, if [the chargeback] is already filed, is to simply gather as much

data as possible, write up a detailed document regarding how one purchases your

product or service and submit all of this to the acquiring bank, which will have mailed or

faxed you a chargeback letter," Monarch told CreditCards.com.

If your company can present a good case, the money may not go back to the persons

account, and it will stay with your business. When this happens – such is the case when

fraudulent activity occurs – the bank deals with righting what's wrong.

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© 2015 Vindicia, Inc. All rights reserved. Vindicia Confidential.


Why you need to record all chargebacks vindicia

About the Author: Bryta Schulz

Bryta joined Vindicia in 2013 and serves as Senior Vice

President of Marketing. She is responsible for building brand

awareness, creating go-to-market strategy and promotion, and

driving growth. With over a decade of executive level marketing,

product management and PR experience, Bryta has led

marketing teams in enterprise technology and SaaS companies.

Her experience includes heading product marketing at GoGrid,

PGP, RSA and Symantec and business development and

product management positions at Xcert, Thales, and

Persistence Software. Bryta holds a MA in Translation from the

Johannes Gutenberg University Mainz and an MBA from the

University of Reutlingen.

Visit our Blog for more information.

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© 2015 Vindicia, Inc. All rights reserved. Vindicia Confidential.


Why you need to record all chargebacks vindicia

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© 2015 Vindicia, Inc. All rights reserved. Vindicia Confidential.

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