Chargebacks and their Impact
Electronic payment processing opens the door for merchants to reach markets worldwide but it also comes with an inherent risk exposure. The greatest of these threats are chargebacks. PaymentWorld has a sophisticated chargeback alert system that is networked into both the acquiring banks and card issuers. The PW Alert system provides merchants something they’ve been lacking up until now; direct control over resolving a credit transaction dispute before it becomes a chargeback. By offering our merchants the Chargeback Alert System, they can achieve the highest rate of chargeback resolution in their favor.
Most chargebacks originate from fraudulent transactions and customers who make the claim of never receiving the items they purchased or even making a purchase at all. A good number of the credit card policies today are designed in favor of the consumer, and as the merchant, you are generally required to pay the costs of the merchandise along with a penalty fee for the chargeback. At PW we are the merchant’s advocate and with our system, we close the information gap between the card issuers and the merchants. Our chargeback solutions data makes valuable information securely available in real-time and is used by merchants to stop the fulfillment of goods and services tied to fraudulent accounts on orders they are actively processing. PaymentWorld Alerts significantly reduce the time it takes for merchants to be alerted of possible chargebacks. PaymentWorld’s merchants stop chargebacks at the source, reduce chargeback ratios, process more transactions, and reduce chargeback fees.
As of October 2015 the chip and pin technology became a mandate by the bank card associations. Known as EMV (Europay, Visa MasterCard) the chip on the EMV card holds credit card information and transmits that information to payment processors with another added layer of security. The EMV card creates a unique code for each transaction thereby making it impossible for hackers to create counterfeit credit cards using the cardholder’s information. PaymentWorld is proactive in ensuring all of their merchants are equipped with the most current POS EMV enabled systems to maximize their protection against any potential fraud.
