For more than a decade, chargebacks were simply part of the cost of doing business. Merchants understood that where there were sales, there would also be chargebacks. This is no longer the case, especially for merchants that hover around the 1% of sales/100 chargebacks-per-month threshold. Merchants cannot afford to brush chargebacks under the rug.
Why? These merchants risk losing their merchant account services. Without a merchant account, they will be unable to accept their customers debit and credit card transactions.
Another issue are false declines. Many merchants say that false declines are a bigger problem for their business than chargebacks. Either way, both are a serious problem for any merchant. In fact, if left unattended, they can quickly lead to a business having to close their doors.
Consider the following alarming figures on false declines:
- It is forecasted that there will be $2.8 trillion in online shopping transactions in 2019.
- 6 percent of online orders will be declined.
- 30-70 percent of those declines will actually be legitimate, resulting in $48.5 billion in lost sales. (A loss for not only merchants, but payment processors and acquiring banks).
The Truth about Damaging False Declines
When it comes to merchant account services, you …
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