Chargeback Insurance: Protection Against Credit Card Disputes
Chargeback insurance is a type of insurance coverage that is often purchased by businesses. This type of insurance is designed to cover the business in the event that it has to pay for charges related to a credit card chargeback. Here are the basics of chargeback insurance and what it can provide.
Friendly Fraud
A growing number of merchants have to deal with a phenomenon known as friendly fraud. This type of fraud is when an individual purchases goods online with a credit card and receives the goods through the mail. After receiving the goods, they cancel the charge with their credit card company and keep the merchandise. When this happens, the merchant is going to be out the cost of the goods as well as credit card charges.
Chargeback Insurance
Chargeback insurance is designed to help merchants combat friendly fraud. Instead of having to come up with the charges to pay the credit card company and the costs of the merchandise out of pocket, the merchant can instead get paid back from an insurance company. The company will have to pay a nominal premium charge to the insurance company and it will be protected from this occurrence in the future.
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