5 Best Practices for Managing High Risk Merchant Accounts

A merchant should use account monitoring services for lowering chargeback ratios.

Huge refunds from high risk merchant account can jeopardize the whole revenue coming from online sales. Following are top 5 tips to protect your high risk merchant account:

1. Resolve Problems as They Appear

High customer satisfaction leads to low chargebacks and growth in company revenues. A merchant should establish contacts with customers to solve problems immediately. It will prove a positive experience for both the customer and merchant.

2. Authorize Information Fields

The monthly information provided on customer’s credit card slip is known as a descriptor. If your company makes use of an abbreviation in descriptor, be sure the customer can easily recognize them.

3. Regular Contacts

A merchant should regularly contact customers through email, SMS and product tracking services. Ongoing customer communication helps merchants build strong relationship with customers.

4. Fast Response

Customer disputes should be resolved within minimum possible time. Correct repayment procedures should be followed for customer compensation.  

5. An Option to Cancel the Order

Sometimes customer realizes only at later stages about mistake made while placing an order. So, it will be beneficial to provide a purchase cancellation button on top of your website.