Are you considering accepting Bitcoin at your business? Here’s what you need to know.
As merchants continue to develop their online shopping experience for customers, the demand for secure, widely accepted digital currency has grown.
It is the merchants’ worst nightmare: their bank account is empty, they can’t process credit card transactions, and customers are frustrated. Unfortunately, this nightmare is a reality that happens all-too-often for merchants who are unfamiliar with handling chargebacks.
Chargebacks cost merchants more than €40 billion every year.
Additionally, thanks to fees and other associated costs, merchants lose €3.34 for every one euro of the original transaction when customers demand a chargeback.
Chargebacks are a massive problem in the ecommerce environment.
Card-not-present merchants lose upwards of €40 billion annually in profits, merchandise and fees as a result of chargebacks.
Chargebacks exist as a way for consumers to dispute a transaction they believe is fraudulent, or for which the cardholder believes he or she has been provided with inadequate service.
The most common types of chargebacks – ones in which an unsatisfied customer goes straight to the issuing bank for a refund – are actually more preventable than most merchants probably think.
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Not all forms of fraud are created equal. While more malicious forms of fraud, such as identity theft, may be well-reported, card not present fraud covers an expansive range of practices.
Merchants concerned about problems related to credit card transactions are likely aware of chargebacks. Many merchants, however, may be confused about the difference between a bank chargeback and a traditional chargeback.
For some people involved in the chargeback process, the only clear aspect is the end result: where the money ends up. For cardholders, this would be a simple refund from their bank.