Chargeback Prevention
The main reasons the average person charges back, besides legitimate fraud, are that they do not recognize the transaction descriptor on their bank statement, or because they are unaware of the convenience fee being charged.
Every customer receives a text message receipt that states the amount charged and the descriptor on their bank statements. The biggest way to mitigate chargebacks from everyday customers is to communicate the convenience fee and refer them to their text receipt for the charge descriptor.
Staff Fraud Prevention Steps
Ensure the name on the customer's ID matches the name on their card.
Be aware of customers who have previously charged back at your store and do not offer text-to-pay credit as a payment method for them.
Automated Fraud Prevention Steps
Text-to-pay credit relies on an ID verification system to verify identity and has multiple "fraud stoppers" coded into the platform. These detection mechanisms will block a transaction if the likelihood of fraud is high.
The platform can detect when someone is using multiple cards across multiple phone numbers.
It detects when someone is spending a large sum in 24 hours.
It can detect if the same individual has created multiple accounts in one calendar day.