Contactless spending is on the rise all over the world. Quite logically, payment fraud and chargebacks are surging as a result. What to expect from chargebacks in digital payments? Who can be the best helping hand for those interested in chargeback insurance providers? Read below to know.
Chargebacks Growing: Chargeback Insurance Providers
Chargebacks happen when cardholders question a payment with the card issuer. A chargeback differs from a refund in that the latter is a voluntary return of funds from the billing entity. By the way, this year, MasterCard’s contactless payment transactions grew by 40% in Q1.
You, as a merchant, can’t avoid dealing with chargebacks, but you can work on making this unavoidable aspect of online payment processing less problematic. For this, you need to find an expert merchant processor that offers a strong prevention strategy for chargeback reduction.
Thanks to a reputable payment processor, you can successfully find a balance between security and convenience for your customers. Remember that timely resolved chargeback disputes can keep you away from headaches.
So, if you’re interested in chargeback insurance providers, just turn to a respectable merchant processor that has the most advanced fraud detection features and chargeback mitigation techniques in place, as well as monitors services in the best possible manner.
Future of Chargebacks
Unfortunately, chargebacks represent the main threat that comes from payment processing fraud. Chargebacks come with more than one bad aspect, but the non-refundable chargeback fees that merchants must pay for each chargeback represent one of the worst sides.
In the modern payment’s world, chargebacks are a real and rising financial threat to business owners. In fact, not only your merchandise but also your revenue can suffer from them. When it comes to the global chargeback volume, a recent study shows it’ll make up 615 million by 2021. This increase will mostly be caused by customers’ disputing transactions.
So, the number of businesses relying on digital payments is on the rise. The number of connected devices is increasing with rapid advances. All this is leading to a rapid increase in payment processing fraud and chargebacks. So, take the right measures to fight chargebacks with success.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help you with chargeback insurance providers. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.