"Chargeback fraud is essentially online shoplifting." ― David Wilkes
In this week's episode, I share my experience with Square and why their decision to put our agency in a Reserve Account status was unjustifiable. I also share my thoughts on why I agree that some businesses are more liable for this type of action; others (like our agency) do an excellent job of protecting themselves against customer disputes and customer chargebacks. Still, the decision by Square to put reserves on our account for what they considered a "rainy day" is unmerited.
As the owner of SoVerve Marketing Group, I must ensure we have reserves to cover our "rainy days." It shouldn't be up to our payment processing system to determine this - who, by the way, is already receiving a hefty percentage per transaction. Still, suppose you are someone who experiences a lot of chargebacks or customer disputes. In that case, I encourage you to chat with an attorney to determine the best action to protect your business against what I consider "online shoplifting."
For more information on my interview with Bloomberg Quint, please visit this link.
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