Multi-Channel Chargeback Prevention StrategiesGiving Customers More Ways to Keep in Touch
Stopping Chargebacks on All Channels. Protecting Revenue Across All Venues.
Your customers can pay in a lot of different ways.
They’ve got credit cards, digital wallets, Buy Now, Pay Later (BNPL) services, and more. In the near future, they’ll likely pay through channels that haven’t even been invented yet.
Building a chargeback prevention plan based solely on payment type is dangerous, given how quickly payment methods change. Without a multi-channel approach, you risk leaving gaping holes that fraudsters will exploit.
In this section, we outline a method-agnostic strategy to help you unify your defenses across payment channels. This strategy to avoid chargebacks will offer a more consistent and secure experience, no matter how your customer decides to pay.
Making Your Strategy Payment-Agnostic
The average merchant accepts between 4 and 5 different payment methods at checkout. With the exception of cash, though, nearly all payment methods are prone to chargebacks or forced reversals of some sort.
That’s why your chargeback prevention strategy has to be method-agnostic (at least when it comes to payments).
Selling across all channels is great for customers… but it also opens you up to additional fraud.
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You don’t want to have to create a separate plan for each payment type. Instead, you want to develop a robust framework that delivers consistency and security, no matter what payment method the customer uses.
This approach simplifies your operations and, more importantly, makes your business harder for fraudsters to target. Plus, it enables the same customer to seamlessly use different payment methods for different purchases.
Tactics for Cross-Channel Chargeback Prevention
There are literally scores of practices you can adopt to help avoid chargebacks. That said, the following techniques are universal, and not dependent on the type of payment used:
How a Cross-Channel Approach Helps Reinforce Your Efforts
Beyond minimizing complexity and stemming chargebacks, a multi-channel approach can help identify patterns across payment channels, rather than simply within them. This unified data can help you train more sophisticated chargeback prevention tools.
For example, you can leverage cross-channel data to facilitate fraud scoring that learns and adapts to your situation. It won’t matter whether payments come from familiar methods like credit or debit cards, or from new checkout options like biometric payments.
None of this is to say you should ignore channel-specific risks. After all, some payment methods — like untraceable prepaid card purchases, for example — are inherently more prone to fraud and misuse. In other words, they’re inherently less secure than a card-present transaction.
Your strategy should be flexible enough to apply specific rules and verification steps based on the channel, all while maintaining a consistent and positive experience.
