Merchant Account Best Practices

Good Business Practices

Establishing good business practices from the onset of any business is time well spent.  You have a great product, good marketing materials and an excellent sales force. Isn’t that enough? Well, maybe not if you have forgotten one thing. The sale doesn’t end with the sale. In fact, the sale isn’t really yours until you know with certainty that your customer is happy with their purchase and it was exactly as expected, recognizes the charge on their statement, knows how to get in touch with you if they have a question or want a refund and can do both easily. If any of these aren’t in place then the likelihood is many of those sales will not only be lost in refunds but in chargebacks as well and, as you will know, this not only costs you the sale but also a hefty chargeback fee as well.  Therefore, what are some of the simple steps that will ensure you keep more of your hard-earned sales?

Make Sure there are No Surprises

Your customer should know every aspect of the service or product they purchase from you. Be transparent on things that could sour the customer’s value of their purchase if they are unaware up front. This simply throws doubt on everything else.

Optimize Your Merchant Descriptor

Poor merchant descriptors will lead to chargebacks. If the customer doesn’t recognize a transaction, there is no reason for them not to dispute it. There are several best practices regarding merchant descriptors that your business should keep in mind. The most basic are displaying a relevant, recognizable company name, and always including good contact information. Contacting you first is what you want so you have the opportunity to solve their inquiry or issue.

Offer a Friendly Refund Policy

While no one wants to lose a sale to a refund, it is far better than to a chargeback because of stringent or no return policies. The customer should find it easy to get their money back or make an exchange.  Every positive contact with your company is important even if it’s a refund. 

Require Agreement to Clearly Stated Terms & Conditions

Ensure your customer clearly understands all the terms & conditions relevant to their purchase.  If purchasing online, have them read and click terms & conditions box.  If sold over the phone, sending an invoice with the terms & conditions included, via email, for a digital signature is one valuable way to make certain your customer is well informed.


Ensure Customer Satisfaction

Whew, they bought the product, didn’t return it or chargeback and it’s finally your sale!   Yes, likely but why take the risk. Time to make the call that says “we care about you as a customer and want to make certain you are happy with your purchase”.  Well, what if they aren’t and decide to ask for a refund?  Don’t you think that was going to happen anyway? Some may cancel using the opportunity to get their money back but look at the good will you are building by being proactive and reaching them first! Never be afraid to find out what your customer really thinks.  It will always help you build your image and your business.

"Every positive contact with your company is important even if it’s a refund."

Merchant Requirements

$30,000+ Monthly Volume
Return Policy
Active Company Website
Share Business Details
Registered Company
Business Bank Account

High Risk Account Approvals

Rates As Low As 3%
Approvals Within 48 Hours
Weekly Payout Available
Max Chargeback Rate 4%
Minimum Setup Fee $199
Max Return Rate 6%
American Express

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