Any business that makes use of credit or debit cards as payment should have a solid understanding of how they may be affected by chargebacks. This refers in particular to businesses working within a high-risk payment processing industry. Being aware of recent chargeback figures will provide deeper perception of why a dependable provider of high-risk payment processing services is fundamental.
Some goods are at a greater risk of chargeback fraud as a result of several different risk factors, including price, traceability, where the goods are coming from, and type of commodity. You are likely to be deemed a high-risk retailer if you sell clothes, high-end jewelry, furniture, items that are quickly converted into cash such as gift cards, for example.
Close to ninety percent of all chargebacks are due to friendly fraud, which occurs when a customer chooses a chargeback over attempting to obtain a merchant refund. Merchants lose a little over $2 for each dollar of chargeback fraud. Collectively, fraud accounts for close to 1.5% of a merchant’s total revenue.
The risk of friendly fraud and chargebacks continues to be an issue. Hence, you want a payment processing provider that is on your side.
One Payment provides businesses is an all-in-one payment processing provider offering small businesses a mobile merchant account capable of handling mobile credit card processing. In addition to improving cost efficiency and ease of use, the mobile credit card processing solutions from One Payment will ensure that the company retains a strong competitive advantage in an increasingly competitive market. For more information on our credit card processing services, please call 855-609-7050.