To protect your business from chargebacks, follow these best practices:
Use secure payment methods: Always ensure you are using the most secure payment method available when processing transactions.
Check cards and transactions carefully: Read our advice on how to safeguard your business against fraud. This guide covers how to properly verify the card, transaction details, and tips for handling Card Not Present (CNP) transactions.
Keep transaction records: It's crucial to maintain accurate records of your card transactions. A chargeback can be requested up to 180 days from the last interaction with the cardholder, and 540 days from the original transaction. We recommend securely storing all sales and refund receipts.
Limit access to receipts: Make sure that receipts are stored in a secure location, with a restricted number of employees able to access them.
Store only essential information: Retain only necessary customer information, such as the name, account number, and card expiry date.
What information should you never store?
To keep things safe and sound, make sure you never store:
The Card Security Code (CSC)—that’s the three-digit number on the back of the card
Any data from the card’s magnetic strip or chip
By sticking to these rules, you’ll help reduce the risk of chargebacks and keep both your business and your customers safe from fraud!