There are multiple factors to consider when implementing a proper business chargeback. Chargebacks are the most successful when there is chargeback protection, fraud prevention or a gateway service present to filter out the most common security and technological issues. Any business that wants to stay successful in a busy market needs to use the right technology to give their customers peace of mind, while simultaneously creating smoother transaction processes with less financial hiccups that could spell disaster down the road.
Spending Habits In America
The year 2013 saw over 200 million Visa cards in use throughout the U.S., with well over 500 million registered worldwide. Around $4 trillion every year are spent using credit and debit cards in the States and mobile purchases are expected to grow tremendously in the next few years due to the popularity of advanced phones. The Internet has changed the majority of store purchases, as well, and most companies have online discounts and digital security to keep up with both demand and the average dispute on chargeback. Chargebacks and other features, such as fraud protection, are put in place to assuage common frustrations with shopping.
Common Customer Concerns
It’s estimated six out of ten consumers are concerned about credit and debit card fraud when they shop online. Thanks to the convenience of the Internet over half of all Millennials expect consistent experiences with their favorite brands, whether they buy in-store or online. While it can seem difficult to keep track of these bolstering trends, card protection and processing services exist to make day-to-day transactions easier than ever before. How do businesses use merchant credit card processing to bolster their bottom line and create happier customers?
Supporting Your Business
It’s essential to use a proper system that implements a consistently correct chargeback. Chargebacks seen as the most effective are those that overwhelmingly support digital customers, since over half of all digital buyers use the Internet frequently for purchases and find it the most convenient method compared to in-store or mail. Global e-commerce sales generate an estimated $1.2 million every 30 seconds in the U.S. alone and efforts such as fraud protection and clearly detailed refunds encourage a more loyal customer base. No matter your product or goal, chargeback protection and ecommerce is the primary solution for any modern market.