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How can I protect myself against chargebacks?

Last Updated: Sep 08, 2016 09:31AM CDT
Accepting debit and credit card payments in your business is a great way to increase cash flow and offer convenient payment tools to your clients.  Before you get started it is important to learn the best ways to protect yourself from clients disputing or questioning payments made to your business.  This is typically known as a chargeback and it is when a cardholder calls the issuing bank of their credit card to dispute a transaction listed on their account.  At AffiniPay we want to help our firms protect themselves from day one by collecting the following information from cardholders.  

1.  Obtain authorization from the cardholder.  When you are working with the card brands Visa and MasterCard this means you need to obtain a signature.  Signatures can be collected on paper forms and also via an electronic signature.  

2.  Make sure you disclose your refund policy in your agreements.  You cannot take away a clients right to dispute a transaction, however you can disclose to the fee for your services is non refundable.  Make sure the client initials next to your refund policy on all paperwork.

3.  Keep all signatures on file for six months after the transaction has been completed.  Clients can question charges for up to six months after services are delivered.  With responsible filing and authorization from the cardholder you will be prepared in case a client chooses to question a charge.

If you have questions about a chargeback you can contact AffiniPay Support at 855.656.4685

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