Of late, big-box retailers like Best Buy and L.L.Bean have been pulling back from their lenient return policies. The two giant stores might have realized that while a generous refund policy fosters customer loyalty, rip-off shoppers have increasingly used them as a scapegoat.
And with more stores backing off, questions crop up whether these changes will level the playing field for both merchants and customers.
It should remain crystal clear that while Chargeback Rules tend to care for the buyer, retailers also protected in the policy. How about you learn all important rules and apply them when dealing with credit card chargebacks?
Sellers are quick to issue refunds because they fear accumulating chargebacks. Let’s face it; most retailers don’t have the facts on their fingertips, so they rely on half-truths and misconceptions. The consequences are; you give returns even in cases where you shouldn’t, and your shop ends up losing money.
Learn your Rights
In the main, merchants should learn their rights by going through documentation issued by major card companies (Visa, Discover, Mastercard and American Express). All these issuers have rules in place to guard the retailer from possible chargeback fraud as well as friendly fraud. Only when you learn to stick to these regulations will you bump up your security against chargebacks. You should be the first line of defense; Chargeback insurance providers should only cover for losses you couldn’t prevent.
Narrowing down to rules on refund policies; these card brands have regulations in place to protect the seller from issuing unwarranted returns. Update your knowledge on these policies as well as on core matters like:
Rule on Cashback transactions
Did you know a customer shouldn’t file a chargeback as a solution to get their cash back for a disputed transaction?
15-day waiting span
The issuer must be … Read More..Read More →