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BuyerSteps Authors: William Schmarzo, Dynatrace Blog, PagerDuty Blog, Ben Bradley, Mehdi Daoudi

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Your Business Success Hinges on the Details

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As a merchant, your success hinges on the happiness of your customers. Happy, satisfied customers translate directly to brand loyalty, good social media exposure, lower risk of returns, less intentional chargeback fraud, and ultimately repeat purchases. So often the degree of satisfaction your customers experience hinges on one simple thing: being informed.

Of course, information works best for all parties if its directed on a two-way street. If a customer should challenge a credit card purchase, 86% of the time they will direct their confusion and dissatisfaction to the credit card issuer. Too often the issuer directs this information to the merchant as a chargeback. While there is plenty of information moving forward, its motion generally goes in only one direction. And its destination is sat in the lap of the merchant with very little time to respond (typically only 24 hours)—and usually without enough information to resolve the dispute.

This is where Order Insight can step in to help you and your customers.

Detailed Billing Information

For starters, the more information you can provide to your customers upfront without them having to ask for it, the happier they’ll be. As will you be, if a dispute should appear down the line. Order Insight provides thorough billing and transaction details that you can include on customer credit card statements. While the identification of a customer purchase might appear obvious to you, remember that your customers are using their credit cards for multiple purchases, making it a challenge for them to remember each and every one of their transactions. Clear identification of transaction details makes a strong first line of defense that can help prevent your customer from contacting their card issuer and initiating a chargeback.

Reducing Fraud

Setting aside that happy thought for a moment, we would be remiss if this one important fact is not mentioned: fraud happens. And it happens most frequently with card-not-present (CNP) purchases. In 2016 alone, up to 70% of reported chargebacks were accounted to be occurrences of fraud. No matter how much detailed information Order Insight can help you provide for your customer’s credit card statement, there’s always going to be one bad apple. By current estimation, there may be up to $18.6 billion lost in CNP bad apples (OK, fraud) by 2020.

Once again, Order Insight steps into action.

In the event an issuer has initiated a chargeback, your only recourse may be to respond by providing them with sufficient compelling evidence to resolve the dispute. But how much information is enough to be compelling? Order Insight takes the guesswork out of that. You’ll be provided with comprehensive, detailed information on the transaction, so you will be well equipped to respond. More importantly, you’ll have an extended 72 hours to act before the chargeback die is cast, allowing you to resolve the dispute directly with your customer.

And the best part is that all this information exchange includes every party—issuer, merchant, and customer—all at the same time. Two-way street.

Keeping the Information Flowing

We can’t ignore the fact that many customers are on high alert for credit card fraud, and this can contribute to misunderstandings over purchases. Neither can we ignore that fraud is as much a part of human nature as our historic liking for apples! No matter what, it’s the two-way exchange of information that will help you to protect your customers and protect your business.

As a merchant, the onus is on you to ensure that your customers have all the information they need to recognize the line item on their credit card statement. Order Insight provides you with the capability to give your customers this reassurance. And when it comes to arming yourself with sufficient, detailed information to defend your business against chargebacks and fraud, Order Insight intercepts the chargeback process and provides you with the information you need.

Keep your customers, as well as yourself, informed and happy with the added value and security that Order Insight provides. It’s a win-win for everyone involved.

The post Your Business Success Hinges on the Details appeared first on B2B Labs.

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More Stories By Ben Bradley

Known for wearing plaid and sweater vests before they were popular, Ben Bradley is managing director of Macon Raine, Inc. (www.maconraine.com) - a management consulting, marketing and demand generation firm for technology organizations. He is a graduate of the University of Iowa and was a member of the undergraduate Iowa Writer’s Workshop. His interests include the intersection of technology and marketing. Because he was never very good at sports and doesn’t have many hobbies, his primary interests include the role of marketing on internal technology adoption, micro-finance, military uses of technology and media, self-organizing networks, network and physical security, collaboration and groupware. He frequently lectures his children on a variety of topics. Bradley was raised in Wheaton, Illinois and currently resides in Glen Ellyn, Illinois with his wife, two children and a purebred Latvian Goathound named Stella.