We are frequently asked to help resolve confusion that results from approaching the complex process of a credit card chargeback. So often, the root of many of the problems that merchants are dealing with stem from initial customer confusion, issuer confusion, and even your own confusion. This lack of clarity can, and often does, lead to unnecessary chargebacks, revenue loss, customer service problems, and other trickle-down impacts.
When we take the confusion out of the picture, the process of managing credit card transactions, protecting your revenue, and maintaining good customer relationships suddenly gets much easier and more straightforward.
Perhaps the most vital point to be considered is how to eliminate customer confusion from the start. To fix this problem, you need to know your customers. You need to understand their buying habits and frustrations.
Eliminating Customer Confusion
Now, we know that you can’t communicate with all your customers to learn what they find challenging about the buying, payment, and authorisation process. Fortunately, we’ve got an excellent team of experts at Verifi who are constantly conducting industry research and working with various focus groups to help us develop and improve our solutions. Through this, we’ve gained deep insight into the who, what, when, why, where, and how of customers.
One of the most common seeds of customer confusion is found in this statement: “I don’t remember making this purchase on my credit card.”
You can probably guess where this is going. The customer doesn’t remember making the purchase displayed on their credit card statement, so they contact their credit card company and complain about the purchase. This leads to a credit card chargeback and sends you down the tricky and costly path of trying to resolve it.
Of course, there is some responsibility on your customer’s part to remember when and where they used their credit card. Buying habits have changed in recent years; now we’re seeing people use their credit cards for every kind of transaction, including big ticket items, gas stations, restaurants, buying a soda at a vending machine, parking meters, and making online purchases. These examples and a growing variety of payment channels can make it more difficult for your customers to remember every single credit card transaction they’ve made.
We often hear and see these comments from customers:
- I contacted the credit card company because I didn’t recognise the company name on my credit card statement.
- The charge is from a company that is in a location I haven’t visited.
- I think my credit card was stolen because I’ve never been to the store that is listed on my statement.
- I simply don’t remember making this purchase.
This feedback is most commonly linked to one major underlying problem: confusing credit card descriptors and statements.
All too often we see credit card statements from merchants that contain ambiguous, vague, and downright confusing descriptors. Customers expect to see the business names that they know and remember on their credit card statements. When they see XYZ Foods in Manchester instead of Curry Delight in London, their first response is one of confusion.
And what does this confusion invariably lead to? The pernicious credit card chargeback.
Helping Your Customers and Yourself
To stem this confusion and resolve this major issue, you’ll need to come back to insight. You’ll be tasked to gather all the data and facts you can possibly find about your orders. This is foundational information that will allow you to quickly resolve billing confusion and greatly improve customer satisfaction.
The best way to usefully access this information is to do so in a real-time platform, as it relates to an immediate response to a transaction dispute. By having access to a platform like Verifi’s Order Insight™, you can easily access the requisite compelling evidence on demand, allowing you to share purchase details in near real-time with the issuer and your customer. This lets you get to the root of the problem immediately and prevent the chargeback from proceeding.
You might think that this is all well and good, but what about the confusing credit card statements––isn’t that at the heart of the problem? You’d be right: incomplete and confusing descriptors are frequently the source of the problem. That’s why we developed a unique tool that can be used by call centre representatives at the issuing bank to quickly identify your descriptor information to quickly legitimise the transaction.
This Order Insight feature provides all parties—customer, issuer, and merchant—with immediate access to detailed descriptor information, including the merchant name, address, phone number, and email address.
The next step for you is very simple and not at all confusing—just contact us. We’ll give you a demo of Order Insight to explain how our unique platform provides you with an end-to-end payment solution that lets you quickly resolve billing disputes.
Confusion shouldn’t be part of your business plan. Eliminate confusion from the picture with Order Insight.