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Smart Ways to Protect Your Business Against Chargebacks

Category: Growth Hacks

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Mohab Growth Hacks 0

Smart-Ways-to-Protect-Your-Business-Against-Chargebacks

The current pandemic has forced many businesses to go from offline mode to online mode, as social distancing rules and phased lockdowns are still in place. The transition involves a steep learning curve as there are several new elements which businesses need to take care of when they are operating online. Chargeback prevention is one of the most important aspects you need to be careful about. It is one of the most frequent issues an online business needs to deal with. Here are some pointers which can help you navigate through this problem and carry out your business efficiently.

But First, What is a Chargeback?

The simplest explanation of chargebacks is that these are disputed transactions. If a customer raises concerns about the validity of any charges on their credit card, then the merchant is required to reverse the transaction. Such reversal is known as chargeback. While chargebacks are important so that the clients are not saddled with unwarranted payments, such charges can interfere with efficient operations of your business. An online business should try to keep such chargebacks to a minimum and offer relevant features to protect payments. Such charges can not only lead to financial losses but also the wastage of other resources, such as time.

            Also Read:Five Payment Processing Challenges For Small Businesses

Tips to minimize chargebacks

Choose an Online Payment Processor Carefully: Online payments form the backbone of a digital business. Since these payments are carried out by specialized processors, it is important that you partner with reliable service providers. Your processor should possess an impeccable track record. They should also be ahead of the curve when it comes to security of the transactions. You should check whether your processor can deploy the latest anti-scam and anti-phishing software. Online scams are one of the biggest reasons behind chargebacks. By eliminating the risk of frauds, you can also minimize the chances of chargebacks. Such processors can help you in implementing proper chargeback prevention measures.

Choose Appropriate Transaction Descriptor: If you are wondering how to handle chargebacks, this is one tip you should remember. Chargeback requests are generally initiated when a customer is not able to recognize particular charges on their credit card statement. So, ensure that your transactions appear in a familiar name to avoid the risk of accidental chargebacks. Instead of registering with the online payment processor in the name of your parent company, you should register with the trade name, which is the name known to your clients. So, if you are facing frequent chargebacks, you might want to get in touch with your online payment processor to see how you appear in your clients’ credit card statements. In case of any issue, get it fixed to avoid hassles.

            Also Read:These 10 things will help protect your Ecommerce Business against fraud

Build a Rapport with Your Clients: Businesses that build a strong relationship with their clients are less likely to face chargeback requests. One of the most effective ways to do this is by offering prompt customer services. If your customers are able to contact you and get timely resolution of their issues, they will be less inclined to take the drastic step of claiming chargebacks. It is also important that you do not add any unexplained charges on your bills. Transparent billing practices ensure that your clients have proper payment protection. Total honesty will lead to fewer small business chargebacks and a bigger base of loyalists.

Optimize Your Business Processes:Lax business processes may also lead to chargebacks. If your shipping duration is too long, the customers may not receive their products on time and may demand chargeback. Further, goods arriving in damaged conditions or not as per the description may also lead to chargebacks. In order to avoid such hassles, ensure that your business practices are up to the mark. You should maintain a clear line of communication with your clients. It is also a good idea to provide frequent updates about shipping milestones. If there is any problem with the product, it should be rectified accordingly, so that a chargeback is not required.

            Also Read:How to retrieve your money from a not-so friendly fraud

To wrap up, financial discipline is essential for any business, especially when it comes to chargeback prevention. These anomalies should be minimized so that the business can run with maximum efficiency. And by following the simple steps mentioned above and collaborating with reliable online payment processors, you can minimize the risk of chargebacks.

4 years ago
PayTabs
Mohab Growth Hacks 0

The-Definitive-Guide-to-Influencer-Marketing-for-eCommerce-Stores

Influencer marketing is a relatively new concept in Ecommerce. However, it has gained widespread popularity in a short period of time. It has also emerged as one of the most efficient methods of marketing. A number of surveys have pointed out that more and more people are affected by the messages conveyed by social influencer. In order to increase the scope of your business, it is important that you are conversant with the various nuances of influencer marketing. So here are some tips which can help you bring the best out of your collaborators.

What is an Influencer: It is important to know what an influencer is and how influencer marketing works.  Generally, the concept of influencer marketing is confused with celebrity marketing, but both are drastically different approaches. Influencers generally have much smaller following but have more intimate contact with their base. Influencers also have very specialized following as they generally promote very specific areas of interests. With influencer marketing, you can target your market in a very granulated manner. The conversion rate for influencer marketing is also higher than most other forms of marketing due to this reason.

Know Your Market: like with any other marketing tool, even influencer marketing’s success depends on how well you know your market. In order to design a powerful campaign, it is important to be aware of unique features of your target market. Further, you should also know your market well enough to segregate that into smaller units with varied features. Such micro segregation is important to personalize your marketing campaign. Markets may be defined on different basis such as income, age or education level. Such study of the market allows you to design your campaign in a more personalized manner.

Identify the Influencer: once you have identified the discerning features of your target market, you can prepare the shortlist of the influencers in the segment. There are several criterion which can help you identify the influencers which are best suited for your product. In order to create maximum impact, you should try to steer clear of influencers who are already engaged with a large number of products. In such a case, it is highly likely that your product message will be highly diluted. There are several tools available which can provide you with the list of influencers working in your area. It is also important to look at the composition of their followers so as to ensure that your marketing efforts are targeted towards the right kind of people.

Differentiate the Influencers: influencers come in all shapes and sizes. To reap the most benefits it is essential that you differentiate between different types of influencers and choose the right ones fit for your requirements. It is important that your influencer has sizable following, otherwise your marketing efforts will not be cost optimized. Further, you should also look at type and level of engagement provided. Your influencer should be regular in providing updates to their fan following so that your messages reach their target audience in a prompt manner. It should be noted that while influencers have smaller following than celebrities they are able to provide more personal touch to your brand and products.

Craft your Influencer Message: you should closely work with your influencer to create the most compelling message for your campaign. First off, the endorsement should come from the influencer as it contains most genuine impression. Such endorsements are more personal in nature and thus are easily differentiated from mass promotion on products. Once they have prepared their own endorsement, you can work together to make the message more effective. Some of the main techniques to do so are to incorporate the links to your page and to offer special discounts. However, the task is not done once the message is disseminated, you can further increase the potential by sharing such messages on your own platform as well.

Influencer marketing is amongst the most promising upcoming marketing techniques. It is important that you measure your output and evaluate it accordingly. This step will let you identify your star performers. In the case of others, constant evaluation will let you find out the weak spots and address them.

4 years ago
PayTabs
Mohab Growth Hacks 0

Top-3-Payment-Related-Reasons-for-Abandoned-Carts

One of the biggest challenges faced by e-commerce businesses is the issue of abandoned carts. Potential customers who take time to browse through your offerings, add them to their carts and then simply leave their shopping when it comes to the final stage. In order to ensure that your business enjoys a healthy conversion rate, it is important to pay proper attention to the issue of abandoned carts. The abandonment of the cart can happen at any stage of online shopping; therefore, it is important to look into the reasons so as to take proper corrective actions:

  1. Tedious Checkout Process: Complicated checkout process is one of the most prominent reasons why customers leave their carts behind. If your checkout process involves filling out a number of forms, adding payment details and such other issues then it is highly likely that the customers will prefer to just abandon the entire process and go elsewhere. You can solve some of these issues by adapting policies such as allowing guest checkouts. This option lets the customers proceed with their purchases without actually enrolling with the websites. When their transaction culminates smoothly, it is highly likely that such customers will come back and register with your website eventually.
  2. Unexpected Costs: If you have hidden costs which are revealed at the checkout stage, then your customers are likely to leave without completing the transaction. Such hidden costs may be in the form of taxes or shipping charges. In order to increase the chances of actual purchase made, it is important that you are upfront about the all the costs involved. By incorporating transparency, you gain customer trust which eventually translates to better revenue for you. You may also devise various cost structures which enable you to offer ‘free shipping’ without hurting your margins. Taxes may also be bundled into the product prices so as to reduce the chances of unpleasant surprises at a later stage.
  3. Payment Issues: Payment related issues may manifest themselves in a variety of ways. First off, it is important that you offer a wide range of payment options. Some of the most prominent options are the ability to pay through debit cards, credit cards and internet banking. However, adding a couple of more options will greatly enhance the probability of the purchases reaching their final destination. Another major concern is regarding the security of the payment process. Since clients are required to provide sensitive information for making payments, it is important that they are assured of full security of such information. There are several certifications which prove that your website is secure. Having such authentication on your website increases your customer’s confidence and induces them to complete the process.
  4. Dubious Upselling Techniques: While it is desirable to provide an extra nudge to the client for increasing their order value or to induce them to add more products to their cart, aggressive upselling techniques may dissuade such clients. Some of the ways such intrusive techniques are used are through the pop-up ads or other such material. Instead of being helpful, such experiences may interrupt the purchase process, leading to the client abandoning their purchase. It is advisable that you do not use such measures and offer a smooth checkout process to your clients.
  5. Buggy Website: If your checkout process involves different pages and your website is slow to download then the client may feel frustrated through this experience. For solving this issue, you may want to consolidate your checkout process so that the clients do not have to wait for multiple pages to download. Further, the pages should also be optimized in such a manner that they are loaded quickly and do not lag. Slow processing may also impede checkout and payment process, prompting clients to walk away.

While getting the clients to your website is a difficult task, stimulating them to complete the purchase process is even more of a challenge. However, by carrying out a few simple tasks as listed above, you can ensure that your clients do not have to face undue hassle and that they eventually complete the process, adding to your top line. These steps will also help you in generating repeat sales.

5 years ago
PayTabs
Mohab Growth Hacks, Guest Posts 0

Your-Helpful-PCI-DSS-Audit-Checklist

In 2019, global retail sales grew by 3.4% from the previous year to hit $21 trillion. Global eCommerce accounted for 16.4% of total retail sales at $3.46 billion. Ecommerce sales continue to grow, thanks to globalization and the internet. 

This growth also comes with a few challenges, among which is payment card fraud. In 2018, payment card fraud amounted to $27.85 billion and was expected to hit $35.67 billion in the next five years.

If you intend to pursue the e-commerce route, you’ll need to consider a few things, one of which is the payment method. How many payment alternatives will you offer your customers? Are the payment methods secure?

Your customers will offer you their financial data on a silver plate; they expect that it’s secure and confidential. To guarantee this, you need to prove that you’re PCI-DSS compliant.

What is PCI-DSS?

This is a set of standards formulated by the PCI Security Standards Council. This council is made up of major credit card companies who joined forces to create security standards that protect credit card data.

As a merchant, your compliance guidelines are dictated by the number of annual transactions. Merchants are grouped into four levels:

  • Level 1

This covers merchants who handle over 6 million transactions every year or have experienced a data breach.

  •  Level 2

Merchants who handle 1-6 million transactions annually.

  •  Level 3

Merchants with less than a million transactions but more than 20,000 annual transactions.

  •  Level 4

Merchants with less than 20,000 annual transactions.

Each of these levels has different compliance requirements. The more the transactions you process every year, the tougher the compliance requirements become.

PCI DSS Compliance Checklist

PCI has six control objectives that constitute twelve compliance requirements. These requirements are not subject to merchant levels; thus, all merchants are required to adhere to the compliance requirements regardless of transaction volume.

These control objectives include:

  1. Secure Network and Systems

This control objective has two requirements:

  • Protect cardholder data by installing and maintaining a firewall

Firewalls are barriers that protect your network by preventing security threats from accessing or spreading through your network. Firewalls act as filters that determine whether information passing from one computer to another is safe or not.

  • Limit the use of vendor-supplied passwords

Every system comes with security parameters, among which are passwords. These passwords are often easy to hack; thus, you should change them before you deploy the systems. Ensure that you update system configurations and security measures as you identify new threats.

  1. Protect Cardholder Data

Cardholder data refers to personally identifiable information that’s associated with a credit or debit cardholder. According to PCI DSS, cardholder data includes PAN, which is the unique payment card number used to identify the cardholder’s account and the issuer. The standards require that merchants encrypt the transmission of cardholder data and protect stored cardholder data as stipulated in the guidelines.

  1. Implement vulnerability protection programs 

Create a program to help you identify weaknesses in your payment card infrastructure system. Hackers will exploit these vulnerabilities to access your cardholder which you can mitigate by:

  • Implementing measures to protect your systems against cyberattacks such as malware.
  • Maintain secure systems

  1. Access control measures

Limit access to cardholder data by vetting everyone who needs access to this data. This is achieved by:

  • Restricting access to cardholder data

Only authorized personnel should have access to this data. Limit the privileges of everyone to a need-to-know basis and deny all other access unless authorized.

  • Authenticate access

Employees that have access to cardholder data should be assigned unique identification. They will use these identifications to access the data, thus making it easy to track how data is handled. Do not use group IDs; every member with access needs unique identification.

  • Restrict physical access to the data

Your onsite systems are also vulnerable to attacks or internal leaks; thus, you need to put measures in place to limit physical access to cardholder data.

  1. Monitoring and testing networks

Monitor your physical and wireless networks to identify vulnerabilities that cybercriminals can exploit to gain unauthorized access to your systems and data. To prevent cybercriminals from exploiting these vulnerabilities, you are required to:

  • Thoroughly track, analyze, and monitor cardholder environments in search of weakness.
  • Frequently test your system components, processes, etc. to ensure that you maintain security over time. 

  1. Information security

Your business needs a strong security policy that details the responsibilities of your employees towards protecting cardholder data.

Conclusion

PCI compliance isn’t a guarantee that your systems and data are safe; hundreds of companies have experienced data breaches despite being PCI-DSS compliant. Achieving compliance is merely a baseline. You need to meet the requirements as stipulated by the governing body and implement extra measures that protect your systems from emerging threats. You can never be too sure when dealing with cybersecurity, going the extra mile helps prevent cyber attacks.

About the author

Jordan MacAvoy is the Vice President of Marketing at Reciprocity Labs and manages the company’s go-to-market strategy and execution. Prior to joining Reciprocity, Mr. MacAvoy served in executive roles at Fundbox, a Forbes Next Billion Dollar Company, and Intuit, via their acquisition of the SaaS marketing and communications solution, Demandforce.

5 years ago
PayTabs
Mohab Growth Hacks 0

Helpful-Tips-to-Manage a-Remote-Team

Telecommuting has been gaining ground for quite some time and has become especially relevant during the present crisis. It has been estimated that nearly 50 percent of professionals are involved in telecommuting at one point of time or another. The concept of telecommuting is not only appealing to employees but also to managers. However, despite its obvious benefits, there are certain challenges associated with the concept. Here are some tips for you to handle your telecommuting team efficiently and get the best results.

Set the agenda

In order to have a successful remote team, it is important that the main purpose and goals are clear to every person in the team. As a manager, you should ensure that the goals are set in concrete terms and are clearly communicated. It is also imperative that the main or common goals are further subdivided into individual goals, so that every person in the team knows what his or her Key Result Areas are. Since remote teams do not congregate physically, the progress towards achievement of goals should be constantly measured. This can be done with the help of several online and collaborative tools. Setting up enforceable deadlines is also important to keep the entire team in line.

Regular engagements

Since remote working is still not a widely popular concept, it is necessary that the team imbibes feelings of belongingness and cohesiveness. In order to foster these traits, you should keep the team engaged. This can be done by carrying out regular meetings. Nowadays, there are several tools available for this purpose. Virtual meeting software such as Skype and Zoom can come to your rescue. Depending on the bandwidth and your requirements, you can schedule voice-based meetings or video meetings. It is advisable to plan some sort of communication every day to ensure that the entire team is working towards the same goal.

Instill team spirit and trust

The success of a remote team largely depends on the collaborative spirit and individual responsibility of the team members. In the telecommuting mode, it is difficult to constantly supervise your team. Therefore, in order to get the best possible performance, you should instill the concepts of individual responsibility and accountability. While group meetings are important for fostering team spirit, you should also conduct regular one-on-one meetings with your team members to provide them with proper guidance and feedback. Such regular interaction can be helpful for the appraisal process and for designing work processes.

Use the right tools

Telecommuting is on the rise, and so, there are newer tools coming up every day, to help you manage your remote team in a more efficient manner. While emails are good for keeping track and for regular communication, the constant back and forth mailing can become tedious after some time. It is therefore more advisable to use dedicated tools such as project trackers and meeting recording software. Project management tools such as Trello, Asana and Airtable are highly recommended in this regard. These software solutions can help you in aligning your entire team in terms of deadlines, accountability and expectations. You can also use these tools for commenting on the performance of your teammates and for reassigning tasks.

Provide proper feedback

In a remote setup, it is vital that you keep the team spirit up by keeping the communication channels open. The proper exchange of feedback is also important, along with a support system. Once you provide comments on your employees’ work, follow it up with helpful tips and guidance. With proper communication, you can ensure that the individual goals of your team members are in sync with your team goals. The process of evaluation can be further enhanced by setting up a proper communication strategy. You can schedule formal check-ins in advance to meet the requirements of your team members.

Final word

Remote working is the new normal now, and is set to become even more popular in the future. With the help of the above tips, you can ensure that your team is able to offer their best even from afar. The use of the latest technology and tools can help all of you accomplish goals in an efficient manner.

5 years ago