Chargebacks are an important part of the credit card payment industry that protect consumers from financial liability for fraudulent charges. They usually favor the card holder and for this reason can sometimes lead to misuse. These disputed charges can be an especially frustrating experience for your dental practice. As your credit card processor, Best Card wants to make sure that you have the best possible information to help win these rare payment disputes.
When a chargeback is initiated, the amount in question will be debited from your business bank account and held until the dispute is decided by the card brands. You’ll have a limited window of time in which to respond once you’ve been notified of the dispute and be able to present your evidence to prove that the charge was, in fact, legitimate. After the card brand’s dispute team receives all the paperwork, they’ll review and make a determination. If you win the dispute, the money will be returned to your account, but if the card brand determines that the card holder wins, then the funds are credited to their account. Taking a few simple steps in your office can actually help to reduce (not eliminate) your risk of seeing a disputed charge with one of your patients.
Stay tuned for Part 2: How to Help Prevent Chargebacks Before They Start.