Chargeback Basics Every Business Owner Should Know
Running a business takes a lot of time and effort. As a hard-working business owner, you will need to get acquainted with a wide variety of terms, including chargebacks. What is a chargeback and why it is so important to your business?
A chargeback is a fee charged by a credit card company to a merchant (you) for transactions that are disputed by a cardholder. In other words, if your customer disputes a certain credit card charge issued by your company, you will have to pay for it. So why is knowing about chargebacks so important? If you run an online company, you’re at a higher risk of experiencing chargebacks, not to mention fraud and cybercrime. You will need to know how to prevent chargebacks, and deal with them when they happen.
In order to protect your business from chargebacks and other fraud, you can sign up for fraud, loss, and chargeback protection through Solid Trust Pay. This protection program is a smart, proactive way to avoid getting a number of chargebacks on your account. This service not only saves you money, but also prevents you from getting your merchant status removed by a credit card company.
SolidTrustPay provides the fraud, loss, and chargeback protection service as an add-on feature within the business account. To gain access to the service, you will need to upgrade your regular business account to a corporate account. The corporate upgrade costs $50, and comes with numerous other features, including free virtual terminal for manual card online payment processing.