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Preventing Chargebacks
A chargeback is when a customer contacts his/her credit card bank directly to dispute a charge on his/her account. The chargeback process will vary depending on the processing bank you use, but one thing remains the same- the chargeback process can be cumbersome due to the fees charged and the time spent disputing chargebacks. With the introduction of chip cards, the threat of chargebacks due to fraud is growing, especially for online businesses. There are two main reasons that chargebacks occur: The customer doesn’t recognize the charge and reports the transaction as fraud The product/service was not received or it did not meet expectations Follow these tips to help prevent chargebacks and to be vigilant for fraudsters: Recognizable Name: The Doing Business As (DBA) name on merchant account applications is the name that will be shown on the customer’s credit card statement. The most recognizable name to customers is the website URL on which they made a purchase. If you’re not using