So you’ve had a few chargebacks… But did you know each chargeback leaves a trail of data you can use to prevent them in the future? If you’re not keeping your transactional data, you’re a soft target for fraud and you’re throwing money away. Let’s look at what you’re doing to capture your data and how you can use it to evaluate your transactions for fraud. In the world of eCommerce, data is money! ChargebackHelp encourages you to keep data on your customers and their transactions. We touched on these items in our last post, and how keeping track of them makes good business sense. They are also the cornerstones to accurately prevent fraud and chargebacks. Keeping transactional data is also going to help you get the most value out of your partnership with ChargebackHelp. The key entries you need to be keeping for every customer fall into three categories that include, but are not limited to: 1. Customer Identity • Contact info: email, phone number • Billing & Shipping Addresses • Geolocation/IP Addresses 2. Payment Information • Credit card number/expiration/CVV (that 3 digit code on back of cards) • Transaction Descriptor • Spend 3. Behavior • Post-transaction user logs • Support history • Product preferences Combinations of these data can provide you with a fraud risk assessment known as a transaction score. You can evaluate this data in-house to an extent. The issuing banks that you process with may also provide resources. And of course, ChargebackHelp can assist you for a comprehensive evaluation specific to your business. Call us today to make it happen: 1-800-692-6319.
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