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Hey,
My store’s chargeback ratio has been going up. I might just lose my business at this rate, the reasons are typical: Fraudulent orders, POS errors, Customer disputes, etc. is there any way to minimize it?
Yes sure. I will explain. The chargeback issue stems from two core causes: the involvement of payment service providers & their processing fees.
You need to push the third parties out and make the chargebacks a matter between you and your customers only.
So, I suggest you get an internal payment processor like the WooCommerce Wallet system. It is a closed-loop payment system. The store owner and the customer can recharge it using functioning payment methods in the store.
The best part is you can transfer refunds directly into users’ wallets, saving your time & resources. There are zero transaction fees to be paid. You can manage both refunds & chargebacks easily using this plugin.
Moreover, you can use it as a cashback and loyalty reward plugin. Plus, let users invite their family and friends to join the wallet system. Users can use the wallet plugin to purchase goods & services in your store. The payment will be processed within seconds. So, it also speeds up the checkout process.
It is a digital wallet plugin that will revolutionalize your eCommerce payment. You get security, speed, & growth.
I understand that the chargeback ratio is taken care of. But besides that, What are the other ways in which the Wallet system for WooCommerce secures my online store?
Okay, I get your question.
Wallet System for WooCommerce also protects your users from credit/debit card fraud or data leaks. Customers that frequently use cards for payments are at higher risk of getting their data compromised. Hackers steal the saved credit/debit card details and also the real-time inputs. That’s why store owners have even stopped saving the card details of their customers.
WooCommerce Wallet acts as a faster and safer alternative to credit/debit card payments. It happens in seconds and doesn’t require filling in any sensitive payment details. So, that’s how Digital Wallet further secures your online store.
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