It’s coming to that time of the year, Prime Day has just passed, and many are looking forward to Black Friday and the jewel of the shopping year: Christmas. The last quarter of the year is a great time for merchants, who wait with anticipation every year for the rise in sales.
Due to the pandemic, it is likely more purchases than ever are going to take place online. Because the coronavirus has had a widespread effect on jobs, and therefore incomes, there is a chance that many people won’t have as much disposable cash as usual.
The potential for increased sales makes it easier for merchants to ignore the likelihood of a significant rise in chargebacks requests. According to some sources, some businesses can experience an uptick of chargebacks to tune of 50%. However, for many companies, chargebacks are the painful truth they’d prefer not to consider.
Companies like Payment Help can help you with chargeback management by allowing customers to identify unrecognised payments on their bank statements. This will go a long way to reduce the instances of ‘friendly fraud’ (i.e. accidental filing of chargebacks), which can impact your business and your bottom line even if eventually overturned.