Covid-19 has unprecedentedly hit businesses worldwide. The travel and event ticketing spaces have particularly been hit. If you’re interested in how COVID-19 policies can result in chargebacks and want to find the best merchant accounts in the U.S., follow the lines below.
COVID-19 Policies Vs. Chargebacks: Merchant Accounts You Need
When people were forced to cancel their travel plans and avoid attending events, the companies in these fields decided to build policies to handle refund requests.
E.g., RyanAir started a robust “no refunds” policy. The company stopped providing credits in the amount paid. As a result, lots of customers started contacting their credit card companies or issuing bank for chargeback requests.
In the current situation, it’s critical for companies to figure out how your business decisions can impact your bottom line. This refers both to chargebacks, refunds, and reputation. So, one should have anticipated chargebacks to rise when there are no refunds issued.
If a company is issuing store credits, it’s still possible to put this policy in use with a low influx of losses because of chargebacks. What about your own business? Are you dealing with increased chargebacks and need help from a reputable payment specialist?
No worries. Just turn to a true merchant-processor comparison expert in the U.S. that’s dedicated to offering the most reliable review of companies at the time of writing. This way, you can be sure to get fast and easy access to secure and cheap merchant accounts. Also, you’ll be able to combat chargebacks and fraud successfully.
COVID-19: Fraud & Chargebacks
As Suresh Dakshina, president of Chargeback Gurus, notes, each time a big event happens in the payments industry, increased fraud and chargebacks come next. Today’s global crisis has made companies worldwide face a huge increase in chargebacks and friendly fraud.
E.g., Visa and MasterCard say that a chargeback can be regarded as “invalid” if it’s for travel or a canceled event with an issued store credit.
Be aware that if you can ‘t get information from banks concerning whether store credit has been issued, it’s up to you, as a merchant, to file a dispute concerning chargebacks by showing that store credit has been issued and providing the guidelines in your response documentation.
So, businesses all over the world are in a severe economic crisis. COVID-19 policies have led to chargebacks.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.