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Raise Profits by Preventing the 3 Most Common Types 2023

Raise Profits by Preventing the 3 Most Common Types Chargeback prevention has a direct impact on profitability in two different ways:

The 3 most common types of chargebacks Raise Profits by Preventing the 3 Most Common Types :

Raise Profits by Preventing the 3 Most Common Types On the ocne hand, your processor charges you a hefty fee for each chargeback, whether you’ve successfully challenged it or not. In addition, you will forfeit all shipping and handling charges and even the value of the item sold if it is returned to you in an unsaleable condition.

On the other hand, and in the high-risk world this is where it makes a real difference, your chargeback rate affects the terms your payment processor will offer you. These include your discount rate, reserve period and payout schedule.

Oh, and I haven’t even mentioned the industry rules that threaten to terminate your trading account once your chargeback rate exceeds one percent. In the real world, a mainstream processor will probably shut you down long before you get close to that limit, but let’s leave that aside.

The point is that chargebacks are very costly and the important question is what to do to keep them at bay. In a series of posts over the past few months, I’ve explored all of Visa’s chargeback reason codes and offered some suggestions on how to manage them.

 Raise Profits by Preventing the 3 Most Common Types
Raise Profits by Preventing the 3 Most Common Types 2023

Today I’m going to take a closer look at the three most common types of chargebacks in the e-commerce world: “unauthorized use”, “authorization not obtained” and “recurring transaction”. If you can keep these three in check, you’ll be in good shape.

Here is the reason for these chargebacks:

1. Unauthorized use — these chargebacks are the result of transactions that cardholders claim were processed without their authorization. Unauthorized transactions are often fraudulent, but even more often they result from a family member using the card without the cardholder’s authorization.

In either case, the issuer will usually replace the compromised card. As we’ll see in a minute, collecting card security information and implementing fraud prevention services at the checkout will help reduce this type of chargeback.

2. Authorization was not obtained – there are several possibilities as to why this could be. For example, a merchant could try to override a rejected authorization response (force a transaction, in industry parlance). Alternatively, after being declined, the merchant can obtain voice authorization or the key to enter transaction information

This type of chargeback is often the result of several partial deposits made on the basis of a single authorization. As we will soon see, these chargebacks can be avoided by following good processing practices.

3. Recurring Transactions – Apparently applicable to a specific group of merchants, these chargebacks are usually the result of transactions processed after the cardholder has canceled – or claims to have canceled – a subscription, membership or some other service that is provided on an ongoing basis.

These chargebacks can also result from installment transactions, but this happens less often, since in such cases the number and amount of all payments are pre-defined. Honoring cancellation requests and immediate termination of payment plans will help prevent these chargebacks, as will using clear billing descriptors.

How to avoid these chargebacks

Here are specific best practices you should follow—some of which can be used for one of the three types of chargebacks under consideration, while others have a broader impact:

1. Get authorization approval for each transaction.2.

The transaction amount must never exceed the authorized amount.

3. Avoid using voice authorizations unless absolutely necessary.

4. If the authorization approval is more than seven days old, you must re-authorize the transaction before settlement.

5. Always use the Address Verification Service (AVS) and process the sale only after receiving a positive response from AVS.

6. Get a delivery confirmation for each shipment.

7. Consider using the association’s 3D Secure Services – Verified By Visa and MasterCard SecureCode as an additional layer of security for online credit and debit card transactions. 3D transaction confirmation proves card ownership and protects you from certain types of chargebacks.

8. Always ask for card security codes: CVV2 Visa, CVC 2 MasterCard and CID Discover and American Express.

9. Process refunds as quickly as possible.

10. Notify your customers by email of refunds or membership cancellations. Inform them of the refund processing date and include the reference number.

11. Make sure your billing descriptor is set up correctly and shows your phone number so that if there is a problem your customer can contact you directly instead of calling the card issuer to dispute the transaction.

12. Make a customer support phone number and email address available on your website so customers can contact you directly. In fact, you can’t open a trading account without meeting these requirements first – and that’s a good thing.

13. Make your terms and conditions clear on your website. It must also be on the same checkout screen that displays the total amount of the transaction or on one of the websites your customer accesses during the checkout process. Require customers to confirm acceptance by clicking an “I agree” or similar confirmation button.

14. Email your customers the details of each transaction and state that their cards will be charged.

15. For monthly fees or other recurring payments, obtain written or electronic signatures from your customers giving you express permission to charge their cards on a regular basis.

16. Make it easy for your customers to end their membership or subscription and cancel a recurring plan – have a “no questions asked” policy.

 Raise Profits by Preventing the 3 Most Common Types
Raise Profits by Preventing the 3 Most Common Types 2023


These are all very basic rules that anyone should be able to master without too much trouble, yet they are routinely ignored by traders. There is no excuse for some of these, such as creating a clear return and cancellation policy and following that policy, but things are often more complicated than that. For example,

many merchants refuse to ask for security codes, believing that it might confuse or otherwise discourage some of their customers and lead to lost sales. More generally, some merchants try to minimize as much as possible the amount of information they collect at checkout,

which they find increases their “conversion rates” and reduces “checkout abandonment.” That may be true, but such practices also inevitably lead to higher chargeback rates, which, as we’ve noted, can quickly get you into big trouble. Still, the decision is yours.

maximizing profitability for the business
Profitability is a measure of a company’s ability to generate maximum revenue at minimum cost. In the most basic sense, profit increases when sales increase and/or costs decrease.

In reality, however, achieving profitability is anything but simple. Since sales and costs are not necessarily incremental, focusing too much on increasing sales can put you at risk if there is a sudden, unforeseen drop in demand. And cutting costs by sub-assembling lower quality materials could lose customers.

Given this, business owners have a persistent and burning question: How do you actually maximize profitability?

In this article, we will focus on two topics in particular: What exactly does it mean to maximize profit? And how can we also increase resilience and customer satisfaction Raise Profits by Preventing the 3 Most Common Types ?

1. Evaluate and reduce operating costs
Operating expenses, commonly referred to as OPEX, are the costs associated with running a business. Operating costs include rent; utilities; equipment and inventory; marketing and advertising; research and development (R&D); sales, general and administrative (SG&A); and payroll.

OPEX does not include the costs directly associated with manufacturing the product – these are charged to cost of goods sold (COGS) or, for large items such as buildings or machinery, to capital expenditure Raise Profits by Preventing the 3 Most Common Types .

When companies need to cut costs, OPEX is often the first place they look because these costs are not directly related to production. However, if done preemptively or unwisely, OPEX cuts can have long-term negative effects on the business. Executives must review any reductions and understand how a reduction in, for example, advertising and marketing will affect sales six, 12 and 18 months from now. Similarly, cut R&D today and you could end up with no new products in 12 or 24 months Raise Profits by Preventing the 3 Most Common Types .

2. Adjust prices/cost of goods sold (COGS)
Cost of goods sold (COGS) are the direct costs associated with making a product or delivering a service—especially raw materials and labor. It is important that COGS is calculated accurately and kept as consistent as possible so that products or services can be priced correctly Raise Profits by Preventing the 3 Most Common Types .

To achieve this, companies must define, track and value the time and material resources required to complete each construction. By standardizing the manufacturing process, you should be able to accurately predict actual costs and avoid large discrepancies from one build to the next – thus standardizing COGS Raise Profits by Preventing the 3 Most Common Types .

Although COGS can be reduced immediately by reducing labor or substituting less expensive components or raw materials, again, as with OPEX, consider the long-term implications: Will your production speed or product quality suffer?

3. Check your product portfolio and prices Raise Profits by Preventing the 3 Most Common Types

In relation to both of the above, it is important to understand the actual unit margins for each product in your portfolio and to update this data frequently.

A good rule of thumb: Check your current portfolio before adding a new listing. Are the products underperforming? Do you have difficult-to-produce items that are eating into your margins, time, and money? Would lowering the price of your highest margin products increase sales? At the same time, don’t be afraid to discontinue products with the lowest margin or increase their price.

4. Up-sell, Cross-sell, Resell
Acquiring new customers is expensive. Instead, smart companies know that one of the best ways to increase sales is to introduce additional products to existing customers through upselling, cross-selling, and upselling Raise Profits by Preventing the 3 Most Common Types .

Make sure all sales reps are trained in upselling techniques and know how to approach the conversation without being pushy and turning the customer off completely. Use an informative/educational approach and explain how premium features add benefits that could help the customer. Clear comparisons, such as in a grid or informative graphics, are useful for educating consumers about the features and benefits of the various models available.

Cross-selling is also an easy way to increase the consumption of an existing customer’s products. Consider promotions that introduce customers to other products, especially new ones—think a free bottle of shampoo with the hairspray they came in to buy Raise Profits by Preventing the 3 Most Common Types .

Cross-selling can be successful even without a special promotion or discount, simply with a sales representative recommending that the items pair well, as in, “I brought you this top to try on with those pants.” Finally, consider cross-selling by automatically promoting personalized options based on the items in the customer’s online cart Raise Profits by Preventing the 3 Most Common Types .

Finally, reselling is one way many companies generate additional revenue from existing products. By offering a resale program, customers can donate (or sell back) items they no longer want but are still in good condition. After a little renovation and cleaning, these items can often be resold, increasing your profitability and reducing the waste of unwanted items.

5. Increase customer lifetime value Raise Profits by Preventing the 3 Most Common Types
Aka: Never underestimate the power of happy clients. Understanding your customers and providing a consistently excellent experience is perhaps the most cost-effective way to increase loyalty and acquire new customers through referrals Raise Profits by Preventing the 3 Most Common Types .

You can show appreciation to your existing customers, increase their lifetime value, bring in new leads and increase your profits. How? Consider Raise Profits by Preventing the 3 Most Common Types :

Offer personalized promotions for products an existing customer has shown interest in, plus a code to share with friends or family.

Support recommendations Raise Profits by Preventing the 3 Most Common Types :

Start a referral program that rewards customers for recommending your product or service.

Recommendations and reviews:
Motivate customers to talk about their favorite products on social platforms. After all, the best advertising is free advertising Raise Profits by Preventing the 3 Most Common Types .

Customer Retention:
Experience is paramount for consumers today. Interactions with a company can have an immediate and lasting effect on their sense of trust and loyalty. Value, reliable service and quality products will always be important, but experience and connections are what differentiate a company in highly competitive markets Raise Profits by Preventing the 3 Most Common Types .

6. Reduce your overhead Raise Profits by Preventing the 3 Most Common Types
That’s retail. How can profitability in manufacturing be improved? Often the fastest route to higher margins is to negotiate better terms with suppliers to reduce COGS. Raise Profits by Preventing the 3 Most Common Types If you use more than one supplier to supply the same part, consider economies of scale: If you gradually increase your order with one supplier while gradually decreasing it with others, could you take advantage of the price difference Raise Profits by Preventing the 3 Most Common Types ?

For example, let’s say you buy 21,000 caps every month and you have three suppliers. To ensure a resilient supply chain, you place an order for 7,000 of each. But supplier A offers a 20% discount if you buy 10,000 units or more. By increasing the order to supplier A by 3,000 and decreasing by 1,500 from B and C, you saved 10%.

In topics of protection, as in subjects of faith – all people chooses for himself the most that he rapidly Payday Alternative Loan (PALs) Raise Profits by Preventing the 3 Most Common Types  .

 Raise Profits by Preventing the 3 Most Common Types
Raise Profits by Preventing the 3 Most Common Types

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