SANTA BARBARA, Calif., April 27, 2021 /PRNewswire-PRWeb/ -- PayJunction, a leading developer of payment processing technology, announced the launch of an integrated and comprehensive chargeback management system. This new digital system offers massive improvements in the chargeback notification and response process that has plagued the payments industry for years.
This important enhancement allows PayJunction merchants to be notified via email when a chargeback is issued and connect to an online chargeback management system where they can easily access information to better manage responses across their organization.
Chargebacks can be the result of fraud, processing errors, or customer disputes. The traditional paper-based process is inefficient, causing many merchants to miss responding within the proper time frame, which can impact the bottom line. Not only is the transaction amount debited from the merchant's account; they may have also lost inventory and incurred internal handling costs.
"COVID-19 introduced new remote payment business models that shifted more payments online, which inherently makes them more prone to fraud and chargebacks," said Randy Modos, president, PayJunction. "Our new digital features allow businesses to more efficiently receive, review, research, and respond to chargebacks in a timely manner, which helps prevent costly write offs."
"I do really appreciate and use the emails of the chargebacks. These notices prompt me to look up the transaction and block the card so there's no further fraud on that card." said customer, Sylvia Edney, office manager of Rusty's Pizza Parlors.
In addition to the official chargeback letters merchants receive via mail or fax, PayJunction will now send email notifications for each chargeback received. It includes identifying information, the amount of debit or credit applied, and a direct link to a report listing recent chargebacks, including dates, amounts and reason codes. From there, customers can use the information to easily search for the original transaction and, if necessary, locate any supporting documentation to dispute a claim.
PayJunction recommends these best practices to help defend against wrongful chargebacks:
- Use an EMV terminal to capture in-person transactions and avoid the EMV liability shift for fraud
- Obtain a signature, even for card-not-present transactions
- Use fraud-prevention measures like AVS and CVV for card-not-present transactions
- Manage payments through a solution that makes it easy to search transaction history and associate transactions with digital receipts, customer records, work orders and other proofs of purchase.
About PayJunction
PayJunction, founded in 2000, has continually disrupted the payment processing industry with an approach that combines customer advocacy, transparent and ethical pricing, and environmental consciousness. PayJunction's cloud-based gateway and processing platform consolidates credit, debit and check transactions made in person, online, over the phone and on the go. Its technology helps businesses increase productivity, reduce costs and elevate the customer payment experience. PayJunction processes over $5 billion annually for US-based businesses. PayJunction's dedication to valuing long-term relationships over short-term profit has earned the company widespread recognition and awards from Stevie®, Glassdoor® and others.
Media Contact
Ursula Librizzi, PayJunction, 8006010230, [email protected]
SOURCE PayJunction
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