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Prevent Chargebacks7. What can I do to prevent chargebacks and credit card fraud? The best way to avoid chargebacks is to deliver stellar customer service and produce a phenomenal product or service that your customers will be fully satisfied with. Credit card statement – There is the odd time when the customer doesn't remember the merchant that they made the purchase from and they are unsure how to contact the merchant. To help prevent these type of situations resulting in chargebacks there are merchant account providers who are able to list the phone number of the merchant on the statement, which will help verify the purchase. If you want this service available to you then you will need to contact your merchant account service provider. Cash advance – Although it sounds like a stellar idea and a great way to save money, you are not allowed to process your own credit card to give yourself a cash advance. This is also in violation of your agreement with MasterCard and VISA. As well the fees would be much higher since credit card companies charge more interest on cash advances. The bottom line: Don't process your own credit card or you may have the privilege of processing credit cards revoked. Do not Factor credit cards - This is another huge mistake a merchant can make and is illegal. You can expect to incur massive fines and penalties if this should occur. Also if a cardholder does not recognize the merchant who charged their credit card they will dispute the charge because obviously they didn't buy anything from the merchant. Merchants who factor their transactions will lose their ability to operate a merchant account. Setting a minimum for accepting credit cards could result in the termination of being able to process credit card transactions. Credit card companies make a profit from the result of transactions occurring at any level. So make sure you don't have a minimum amount for customers when they are making a purchase.
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