Chargeback is perhaps among the worst nightmares for gaming merchants and they do not want this nightmare to materialize. But for that, it is important to work on some practical solutions that can keep the threat of chargebacks away from businesses. The good thing is that several ways are available in actuality that can considerably control this issue.
FIRST OF ALL, understand the negative effect of chargebacks on a gaming business
Initially, chargebacks were started to protect the rights of genuine customers who can be vulnerable to fraud. But gradually some customers started exploiting the system for their benefit. They raised chargeback demands just to get their money back to consumer services or products for free for a while.
This type of chargeback is called friendly fraud. It is the reason, that the merchants also should work on some ways to raise a claim against a fake chargeback demand. As you know, gaming businesses are high-risk and quite prone to chargebacks, so working on some solutions is necessary. If you do not handle this issue on time, your gaming merchant account may even get rejected because acquirers also have to follow some rules. If the ratio of money-back incidents goes beyond the decided limit, they cannot keep the account of a gaming merchant.
Higher moneyback incidents also harm the image of a gaming platform and can invite many negative reviews on the website. For a merchant, a better approach is to immediately make an action plan and work on ways to reduce the issue.
Ways to reduce chargebacks in a gaming business
Now that you are clear about how badly chargeback can affect your gambling business, it is time to pay attention to some of the smartest ways to handle it.
Find a dependable payment gateway provider – Always find a gaming payment gateway that has a chargeback disputing mechanism. One has to ensure You need not to explain how thoroughly you depend on the payment gateways. But their role is not restricted to just acting as a network for the money travel between the merchant and the customer.
Payment solution companies have a bigger caliber than that. Through a proficient chargeback management policy, your payment gateway can reduce the issue by up to 19%. Your business earns a payment gateway not only money but also goodwill, it will always try hard to reduce your chargebacks. Eskaypay gaming payment solutions are world-renowned for showing expertise in handling this issue. You need to rethink if your currency payment gateway is not successful in chargeback management.
Provide billing descriptors – Billing descriptors or transaction descriptors describe a payment made by a customer that includes the details like company name, product name, amount, etc. It shows in the bank statement of the customer. When a consumer is clear about the payments he has made, he is less likely to contact his issuing bank for a chargeback.
Imagine a buyer who finds many payment details, with no company name, no product details. Won’t the consumer get confused and contact to his issuing bank to ask for the money back? It is also annoying for him to contact the bank and ask for details for every payment. Gaming merchants usually provide subscription-based gaming services and the payment comes every month through auto debit. Sometimes, the players forget that they have subscribed to a gaming service and when they see no description and no company detail of their payment, obviously they will raise a chargeback demand.
Secure your website – Sometimes chargeback issues are also raised by fraudsters when they steal the identity or credit card of a customer to earn money for free. Make sure that you are not working on outdated software. Anti-malware software is the best choice to avoid chargebacks and keep your gambling payment gateway safe. Do not forget to make your password uncrackable.
Keep an eye on the scams and phishing emails, and run regular backups to avoid the worst-case scenario. SSL installation is already a must for a high-risk merchant. It is important to select the right content management system, the one with an advanced protection arrangement will always help you. Manage the add-ons and plugins because overusing them can make your website prone to hazards and fraudsters, it also affects the responsiveness.
Conclusion
Gaming merchants should not actually worry because today many ways are available to control chargebacks. The advanced AI tools, chargeback management system, and well-equipped websites along with innovative merchant account and payment solutions, keep everything in place. For high-risk industries, it is a blessing to exist in the era of advanced technology. Today, the tools that provide transparency for the customers are also useful for the merchants. They can fight against false chargeback issues with the help of ample proof and details that the network provides to both the merchant and the customer. If you are also looking for an escape window from chargebacks for your gaming business, do not forget to follow the above-mentioned ways.
