6 Ways to Protect Your Business from Chargeback Fraud

A chargeback is quite annoying as it reduces the interests you’re supposed to enjoy from your business. It gets the more infuriating when you fight against a charge on your card and win but don’t get the money back. More so, you still get to incur chargeback fees.

There are laws such as the Fair Credit Billing Act (FCBA) of 1974 that protect people from fraud related to chargebacks. In this article, we’ll mention 6 ways that work in preventing chargebacks. Read on below for more information.

6 ways to protect your business from chargeback fraud

  • Use payment protocols with tight security

Payment protocols that are more secure usually have most of the following properties: AVS (address verification services), email verification methods, phone number reverse lookups, and order validation tools. Shopify e-commerce plug-ins are common examples of order validation tools.

Also, many cases of chargeback fraud result from transactions without cards. This is evident in a report, which shows that a large percentage of such complaints happen in CNP (card-not-present) transactions. This means that using cards for transactions can help reduce the cases of chargeback fraud.

  • Keep a record of all your transactions.

When disputing a chargeback, you’ll need evidence to make your claims more validated. You can easily misplace receipts, but that’s not very common with a book of important records. Luckily, your phone can serve as a handy notepad that you can access anywhere.

Also, you can keep pictures of receipts on your phone or Google drive for easy access. The records will also help you to retract your chargeback. Sometimes it could simply be that the customer forgot about the charge. The records will still serve you either way.

  • Put solutions in place to help you fight chargebacks

Sometimes, it is not just enough to have systems in place to help you prevent chargebacks. There are still chances of it happening in the long run. So, it is important to have solutions or strategies to help you fight against them. We recommend employing a payment processor to help you create and manage the solutions.

Some important solutions that can help you manage chargebacks are as follows:

    1. Make early reports so that you can fight the chargeback in time.
    2. Activating real-time merchant alerts that start from the first dispute.
    3. Make all of your data available on a single platform. This increases your efficiency.

  • Use BIN checks

BIN checks provide an increased level of security and make customers feel more confident when making transactions. BIN uses a database that verifies if cards are legitimate, using the first 6 digits of the card’s 16-digit pin. 

It does this irrespective of the kind of card, be it debit, credit, gift, or charge card. If you have any reason to question the authenticity of any order, you can do a bank BIN lookup. This allows you to take necessary measures to protect your business from chargeback fraud.

  • Create a simple billing descriptor

This may sound negligible, but it will go a long way in saving you from the harrowing experience of fighting a chargeback. Create billing descriptors that are precise and contain basic information such as transaction date, the transaction amount, and the merchant descriptor. Also, make sure to keep these records safe if chargeback issues surface.

  • Make your refund policy clear.

You could save yourself from a lot of trouble if you had your refund policy clearly stated before the transactions. This makes it a lot easier to protect your business’s reputation from the scandals associated with chargebacks.

Your refund policy must contain some key information such as restocking fees, exclusions, and time frame allowed in case of returns. More importantly, be specific with your terms and make them easily understandable.

Conclusion

Nobody likes the frustration that comes with a customer coming for chargebacks. Therefore, you must take measures to prevent them. More importantly, you must also have solutions to help you fight them.

Using payment protocols with a trusted level of security is very important – BIN checks are a worthy example. You can also reduce the chances of this happening if your refund policy is on your website or receipts. 

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How to Nail Your Exit Interview

Exit interviews are conducted by the employer or the HR personnel to learn more about the position and the reasons for turnover. The organization wants to know why you are leaving. Moreover, they want to take it as an opportunity to think critically about your experience. Use this to provide feedback and suggestions.

What did you learn from your position? How might the organization improve? Here are some things to keep in mind.

#1: PREPARE YOURSELF

Jobs play a huge role in our lives. Leaving a job can stir a pot of strong emotions. So, it is best to prepare. Treat the exit interview like any other interview by practicing your answers. Anticipate the questions and research the possible answers.

#2: FIND THE POSITIVE

Regardless of your experience, you need to find something good about it. Perhaps, you learned a new skill from your boss or had incredible workmates. This is the time to be specific about the people who helped you along the way.

#3: REVIEW COMMON QUESTIONS

Be honest and calculated when it comes to answering the exit interview questions. Consider the following sample answers.

a. Why are you leaving?

“I really enjoyed working here and learned a lot over the course of my employment. However, I found a job with more opportunities for growth. It is time for me to go in a different direction.”

b. How do you feel about the management?

“Overall, I am grateful and satisfied with how the management guided me with the position. However, there is always room for improvement. Management sometimes overlooked the ways they could utilize my role and I felt stagnant. You can empower the employees more by encouraging innovative ideas and providing new tasks that will ignite their creativity.”

c. Did you receive proper and adequate training?

“The best thing you can do for the new hires is to make sure that they understand their roles and supply them with tools to perform their job well. You can also incorporate the discussion of career enrichment in the onboarding process.

Personally, I did not always feel that the resources were enough for me to do the job well. I think new hires can benefit from more frequent training. To fully prepare new employees to meet the company’s expectations, management might consider additional training for them. Current employees may also get refresher courses to maximize their abilities.”

d. Would you recommend the company to others?

If your answer is yes, please explained why you want to genuinely endorse them to your friends and family members. If your answer is no, you can consider the sample answer below.

“If someone asked me if they should apply here, I would ask them to elaborate their background and preferred work environments. This organization may not be suitable for everyone, but it could really work well for certain people.”

Image Credits: pixabay.com

On an employee’s last day, the organization wants to gain context around why an employee is leaving.

End the exit interview conversation by wishing everyone well and by opening doors for (potential) return.

Sources: 1 & 2

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6 Tips to Cultivate Teamwork at Work

Why is teamwork vital in the workplace? Well, teamwork can lead to multiple benefits including greater efficiency, workforce productivity, increased innovation, higher employee morale, and improved retention.

Given that some or most of the staff are working remotely, fostering teamwork in the workplace is not easy. This article offers suggestions for cultivating teamwork both in virtual and physical settings.

#1: SET CLEAR GOALS

Describe what each employee is supposed to accomplish and not how they should accomplish it. Explain the expectations in terms of the outcomes and elaborate the team’s goals. How each employee meets these expectations will vary. You need to trust them.

#2: ENCOURAGE GIVING SUPPORT

Cultivating an environment were asking for help is not a sign of weakness. Getting the work done requires time and focus. When you need inspiration or support, ask for it. People who are experts on the field can teach you new ways to solve the issue at hand.

#3: DIVIDE THE LOAD

Teamwork does not mean everyone does one task together. It requires breaking each component into parts. Then, the team sorts out who will do each part according to availability and expertise. A credible project manager will help with the organization of these parts.

#4: CREATE A REVIEW PROCESS

Review meetings enable the team to be on the same page. It gives each team member the chance to politely critique the team’s work. Encourage the employees to question the project from different angles. Often, you will catch things that would otherwise get missed.

#5: CELEBRATE WINS TOGETHER

Appreciate the challenging work of each team member. Take time to extend your gratitude for the specific contributions to the team. Celebrate your wins together as you achieve a milestone towards your goal.

#6: HIGHLIGHT THE BENEFITS OF COLLABORATION

Teamwork does not only benefit the organization, but it can also boost camaraderie and increase job satisfaction. Working in teams provides employees more opportunities to unleash their creative ideas. Having a sense of belonging sure helps in reducing stress too. The dynamics and strength of your team directly affect business outcomes.

Sources: 1 & 2

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How to Politely Get Out of a Meeting

From the moment you receive an invitation, you can already predict whether the meeting will be unproductive or not. How can you decline politely?

A meeting will take more than an hour of your time, so you can see if the other party would be willing to update you over email or short phone call.

Sometimes, even well-meaning people forget that time is not infinite. A straightforward query or reminder can help. Here are other strategies that you can apply.

#1: PRIORITIZE IMPORTANT MEETINGS

Not all meetings are created equal. Just because you have been invited to one does not mean that it is essential. Start by examining which meetings are important to attend and which are not.

The most essential meetings are the ones in which decisions will be made. If your team is choosing to launch a project, you cannot make the decision over email. Meetings that will need brainstorming or sharing of opinions should be done in person or through a teleconference.

You must also attend strategic meetings, which allows you to develop a unified vision of where your organization is headed.

#2: ASK ESSENTIAL QUESTIONS

Make it challenging for the other party by asking the following questions upon receiving an invitation:

1. What is the exact topic?
2. What is the meeting’s duration?
3. What is the time and location?
4. Who will be in attendance?
5. What decision needs to be made at the meeting?
6. Why is my attendance crucial there?

Image Credits: pixabay.com

#3: ENCOURAGE MEETING NOTES

Many organizations have staff meetings for information sharing. These meetings involve listening and learning about the current plans and events affecting the team. You may not have a crucial role in this meeting, but you need to stay informed.

Bring up the idea of having someone keep meeting notes during the session, so people who will not able to attend can have access to the information that was shared. Read the meeting notes instead.

#4: EXIT GRACEFULLY

If the meeting no longer pertains to you, politely ask if you can step out. It is alright to request to leave early, especially if you are busy. Message the meeting organizer to explain that you are trying to manage your time and prioritize tasks.

Meetings take up an average of 62 hours per month of employees’ time. Many professionals attempt to cope in a passive-aggressive way by showing up late to meetings or by fiddling with their gadgets.

Image Credits: pixabay.com

The strategies above provide a better way to politely get out of meetings to protect your time.

Sources: 1 & 2

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Potential Benefits Of Part Time Job For Students

If you’re one of those people who do not know what a part time job is, then you’ve come to the right place. In this article, we will be discussing what is a part time job and as a student, what benefits you’ll be reaping from any sort of part time jobs. So, let’s not waste time and dive into the main crust of this article.

What is a part-time job?

All in all, as compared to full-time employment, a person who is working part time works less than 35 hours in a week. The most important factor that comes into consideration is that part-time employees are paid on an hourly basis and are not salaried. This means that they have the option of increasing their workload and then set aside some cash.

So, a person who is working part-time will not be considered as a permanent employee of the organisation that he/she has been hired. They even might have to work during nights, weekends, and sometimes during holidays.

Benefits of Working at a part time job

If you’re a student and you’re away from home, you will need a job to fulfil your expenses, right? Well, if that is the case then getting a part time job is the best option for you. However, it doesn’t matter whether you’re a student or not, you can always get a part-time job to meet your daily expenses.

Below, we’ve compiled a profound list of some of the most compelling benefits of working at a part time job. So, grab a cup of your favourite coffee and read until the end to get the most out of it.

You’ll Have Time For Your Family

Let’s suppose that you’re working 9 – 5. When you come home, you’ll be so exhausted that you’ll have no energy for your family members. Whereas, when you’re working part-time, you can take time off during weekdays or schedule your work according to your busy routine.

You’ll Have Time For Your Education

If you’re a student, or you want to study, getting a part-time job is your best choice. Why? Well, you may have an ample amount of time for focusing on your education. However, if you have a full-time job, you might not get enough time for your studies.

You Can Pursue A Hobby

When you have a part-time job, you can rest assured that you will have more than enough free time during the week that will allow you to build other skills. You can indulge yourself in any sort of hobby, such as attending music classes, sports, gym, arts & craft, or any other endeavour.

You’ll Develop Time Management Skills

Since you will be working part time, your employer would want you to complete the tasks assigned to you on time. This will help in developing time management skills for you. Along with that you’ll also be learning as to how you need to balance work and your personal life all together.

You’ll Earn More Money

Who does not want to earn more money? One of the main reasons why people choose part-time jobs is because it helps you to save money for any sort of specific goal. Most people fail to save money with their full-time jobs, so they earn extra money by taking any sort of part-time job.

You’ll Have Energy For Other Things

Since you’re not working 9 – 5, you’ll have more time to rest. During your off-time, you can go out for a walk in the park, cook, or even watch TV. If you’re well rested, you will for sure have time to care for yourself.

You’ll Save Money From Transportation

Most of the part-time employees work from home or they’re required to visit the office a few days in a week. If you’re working fewer days in a week then you’ll also be saving money that is spent on transportation to and from work. And if you opt for public transportation, you’ll be saving on bus fares and ride-share fees.

Increases Chances For Career Advancement

Let’s face it, you’re not a permanent employee of the company. But still you’ll be working as hard as the full-time employees just to let your supervisors know that you’re working. That’s how it goes. There is a greater chance that if your supervisor likes your energy and work, you might be offered a full-time job at the same company.

Summary

Depending upon the country you’re living in, even as a part-time employee, you will be receiving some benefits. Your employer might also extend some exclusive benefit programs to you. So, indulging yourself in any sort of part time job is always better than staying at home while doing nothing.

 

 

 

 

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