Holidays should be a time of cheer and good sales, not headaches due to return fraud. As a retailer (or etailer), watch out this season for fraudsters taking advantage of frazzled business owners with these tips.
Taking preventative measures such as having customers sign receipt and checking signatures on the back of each and every card is an easy way to prevent fraud.
Tip: e-commerce merchants should always use an Address Verification Service (AVS) and have customers enter the 3 digit security code on the back of each card (called the CVV). More helpful tips can be found in this comprehensive article.
As the holidays near, stresses become greater popular items see greater demand and lower supply. Maintaining a level of excellence in customer service will make sure customers don’t get belligerent and make your life more difficult (think chargebacks).
Make sure to know the policies and procedures around chargebacks – when a customer disputes a charge on his/her credit card.
Tip: reach out to your merchant account provider before one occurs, and then use that information to develop a policy in your business about who handles and how to handle chargebacks.
- Lori Saitz discusses the power of following up with customers
- A small business resource tip on consumer protection from our sister blog, Grow Smart Business
Image: Vicky Brock via Flickr, Creative Commons
Stella Fayman blogs about credit card processing for the FeeFighters Blog. FeeFighters.com is the comparison shopping site for credit card processors; just like getting multiple quotes for airfare using Expedia, TransFS lets business owners compare top quality processors on an apples-to-apples basis and makes sure they get the best deal by not having any cancellation or hidden fees, and only interchange plus pricing. Contact Stella with specific questions at firstname.lastname@example.org or connect with her on Twitter.