Chargebacks – where the card Issuer is forced to refund a customer because the merchant won’t – are a big deal. Why? If your merchant account exceeds 1% of chargebacks (by volume or number), the card schemes will start to fine you until the volume is under 1%, If you don’t get it below 1% quickly, your merchant account may be terminated.
Not being able to accept Visa or Mastercard would be devastating to many companies. Millions of payments are lost each year through chargebacks, from customer queries or high risk cards or banks. We can minimise your exposure to risk to chargebacks and loss at every point. We can help you avoid chargebacks:
Card Identification spots risky cards and blocks them. It successfully reduces chargebacks because it spots problem cards (pre-paid payment cards, corporate cards and cards registered in high-risk areas) and blocks them before the transaction can go through and become a fraudulent charge.
BIN blocking – unique to JetPay – blocks cards from risky banks. BIN blocking uses Bank Identification Numbers to block cards from banks that are known to cause chargebacks because they are either from risky or high fraud areas or they tend to let disputes go straight through to chargeback rather than get customers to query them. BIN Blocking is unique to JetPay.
Dynamic Descriptors cut customer queries on statements. Dynamic Descriptors and Phone Numbers prevent chargebacks from unrecognised charges. That’s because they solve a common problem – customers querying charges they don’t recognise on their statement, especially on card-not-present transactions.
By adding tailored product data to any transaction (and therefore statement), we eliminate most queries, because customers can tell what a charge is for.
Imagine seeing ‘YOURCo. 0800 456321’ rather than ‘ANONCO’ on your statement. Your customers have no idea that ANONCO handles your payments, but they’ll recognise your name or ring your number, so you can resolve any queries – and avoid chargebacks.