Control your practice’s chargebacks
As more payment transactions are regularly processed online, there’s been a rise in fraud and in the number of chargebacks being made. Fraudsters are taking advantage of the increases in online commerce. To protect your revenue, you want to stop fraud before it happens as well as have a solution in place to handle any disputes.
Finding the right balance can be tricky for online authentication. Not only do you need integrations to multiple payment types and fraud prevention tools, understandable miscommunications may result in more patients raising a grievance with their bank instead of coming directly to you. Chargebacks can be costly so mitigating the risks are important.
Below are a few best practices that will help you get more control over them when they do happen.
- Set expectations for communicating with patients.
Your patients need to know what to expect when they reach out to you. Clearly display your response times on your website. - Avoid key entering transactions.
Not only do key-entered transaction typically incur higher processing costs, they make it hard to prove the authorized cardholder made the purchase. EMV and digital/mobile wallet acceptance are the preferred best practice acceptance methods. - Understand local and state-enacted government regulations.
You’ll want to reference these in your dispute documentation, so be familiar with regulations in your operating area. You can typically find these on your state website. - Update refund and return policies.
It’s critical that these policies exist at checkout and that you can show documentation of patient acknowledgement. For in-office transactions, the dispute policy should clearly be displayed on the receipt. Online, the patient should acknowledge as part of the checkout process as well as having a dedicated page clearly explaining the policy. - Accept liability.
If you get a chargeback before issuing the refund you were planning on, it’s best to go ahead and accept liability.
Connect with one of your payment experts to learn more about secure payment solutions that can protect your revenue and deliver your patients the variety of payment acceptance forms they prefer.
