What is a Merchant Identification Number?

Sydney VaccaroIndustry TermsLeave a Comment

Merchant Identification Number

With the rise of the internet and ecommerce, merchant ID numbers were created to help protect both the business and customer. A merchant identification number (MID) is a code that is associated with an online business and plays a pivotal role in keeping the transactions between the customer and business secure — including protecting the customer’s sensitive information. As the name implies, the merchant identification number correctly identifies the business when the customer makes a credit … Read More

What is a Bank Identification Number?

Sydney VaccaroIndustry TermsLeave a Comment

What is the Bank Identification Number

On all the credit cards you own, you’ll have noticed the long set of numbers on the front. This is often referred to as the credit card number, and it’s what you input whenever you buy something online. Each set of numbers, however, has a special significance beyond simply separating one credit card from another. Right now, we’ll focus on the first set, which is called the bank identification number. So what is a bank ID … Read More

How Product Descriptions Can Help Prevent Disputes

Sydney VaccaroEcommerceLeave a Comment

How Product Descriptions can Help Prevent Disputes

Ecommerce is amazing for many reasons. It connects customers and merchants from all over the world. It allows the customer to look at all the possible options for a product. Shoppers never have to leave the comfort of their home. The one thing ecommerce shopping does not have is the ability to touch and physically see the product. This is where some problems come in. Reason codes are provided in a dispute notification as a means … Read More

Make Returns Easier, Avoid Disputes

Sydney VaccaroPhysical GoodsLeave a Comment

Make Returns Easier, Avoid Disputes

Of course, every customer wants an easy and carefree return policy. But it is easier said than done for merchants. Merchants, especially ecommerce merchants, have a lot on their plate already when it comes to just the logistics of returns. But it is important to take into consideration the customer experience when making a return, not only for customer loyalty but to avoid disputes as well. Chargeback fraud is when a cardholder fraudulently disputes a charge … Read More

The Chargeback Representment Process Explained

Sydney VaccaroChargeback BasicsLeave a Comment

chargeback_representment_process

The chargeback representment process is the part of the dispute lifecycle when a merchant receives and responds to a customer dispute. We will go over what options merchants have after receiving a dispute, the tips for making a great response document, and some of the time limits associated with this part of the process. If you would like a full overview of the whole dispute process you can check out The Chargeback Process: Explained here. When … Read More

How a Basic Chatbot Could Reduce Your Return Rate

Emily VuittonEcommerceLeave a Comment

chat-bot-reduce-returns

Patrick Foster of Ecommerce Tips—a leading blog and resource written by ecommerce professionals for ecommerce professionals—was kind enough to contribute this post to the Chargeback blog. We’re excited to share his ecommerce perspective and expertise. The convenience of online retail is mostly a good thing for merchants and customers alike, but it makes returns even more damaging. They’re often hard for buyers to arrange, souring them on the stores, and sellers must find time-sapping (and potentially … Read More

What is AVS and How Does it Help Prevent Fraud?

Sydney VaccaroEcommerceLeave a Comment

What is AVS and How Does it Help Prevent Fraud_

Fraud prevention should be a priority for all merchants. Putting into place preventive measures like using AVS can help merchants retain hard-earned revenue and prevent fees cause by customer disputes. Address Verification Services or AVS is a commonly used fraud prevention tool that matches the billing address of the purchaser against the address that the card issuer has on file. Its purpose is to ensure that the person making a purchase with the credit card is … Read More

How Real-time Resolution Helps Digital Subscription Merchants

Sydney VaccaroDigital GoodsLeave a Comment

How Real-time Resolution Helps Digital Subscription Merchants

Digital subscription billing models are amazing. This model allows merchants to have continual transactions without putting the customer through any friction or a checkout process. Everything about that model seems wonderful—until the chargebacks hit. The same frictionless checkout that makes this business model tick is susceptible to customer disputes. But digital merchants can curb losses and stay a step ahead of disputes with Real-time Resolution. We will go over some of the challenges digital subscription merchants … Read More

Using Delivery Confirmation as Compelling Evidence

Sydney VaccaroChargeback ResponsesLeave a Comment

Using Delivery Confirmation as Compelling Evidence

Merchants need to be prepared for possible disputes with a detailed and effective prevention and response strategy. With the many different types of disputes merchants can experience, this isn’t always the easiest thing to do. Some strategies, however, are relatively easy to implement. Delivery confirmation is one of them. A common type of dispute merchants receive is when a customer claims a product was not received. That’s where delivery confirmation can be extremely helpful for merchants … Read More

Difference Between ‘Acquiring Bank’ and ‘Issuing Bank’

Sydney VaccaroIndustry TermsLeave a Comment

Difference Between ‘Acquiring Bank’ and ‘Issuing Bank’

Acquiring and issuing banks are some of the necessary parties that make payments happen. It is important for merchants to understand what these parties do, how they connect in the payments process, and what their roles are in the dispute process. Without further ado: An acquiring bank (the merchant’s bank) is a financial institution that initiates and maintains contractual agreements with merchants for accepting and processing credit card transactions. The acquiring bank is also referred to … Read More