Submitted by: Gregorypw Mcleod

At the end of last year I spent some time with my company’s accountant doing year end accounting an projects for next year. As he looked through the company revenues he mentioned that he had been allowing as much as 20% for chargeback. As we went over this and other figures he mentioned that the chargeback figure represented a lot of money. He told me that the percentage fell within industry standards but that it did represent quite a bit of lost revenue and income.

He told me of a company that he had used with other clients that collects these debts for companies large and small. After looking more closely at the figures I could not believe that we had not had these guys take care of our accounts earlier. I was very happy to have found a new source of income for quarters to come but the fact that I did not collect on them sooner kind of took me back. This really represented a lot of money to my business and my accountant was quite correct in suggesting we have it collectec.

This program that my accountant suggested I use is fully automated and allows merchants to collect on past chargebacks. Merchants simply sign up for an account like they would sign up for an email address and they have access to input information about past customers that have charged back money and collect that money. My accountant sent me on my way and we both agreed that it would be foolish not to go after this money that we were owed. I signed up for an account the very next day. It was very easy and took me about two minutes to get an account. Entering the information into the website was very easy. All I needed was their name, address and the amount they had owed the company. There were other places to add additional information as the merchant sees fit. I did notice, after inputing about thirty five accounts, that they have a bulk upload area too. This allowed us to upload all our remaining accounts in just a couple minutes. This really was fantastic!

It was probably a little under a week later when the phone began to ring. It rang and on the other end of the phone were old clients that were not aware that they owed us money. Many of them said that they remember the service but just didn’t remember our name and that is why the refused to pay in the first place. Many of them actually seemed embarrassed and wanted to straighten everything out quickly. Needless to say we were very pleased with this result. We were contacted by over 75 people in just the first two weeks of the program. The vast majority of them wanted to pay and a smaller percentage needed to be reminded of the service we had provided for them and when we provided it. I am very pleased my accountant turn me on to Charge Back Risk.com. They have had a big influence on how we do business and who we do business with

I know many companies are in the exact same sittuation that we were. Doing online business often comes with higher than normal chargeback rates. Our business alone, which is by no means a large company, had hundreds of thousands of dollars in bad debt that was not addressed. We just let it go and didn’t even try to collect on it. We felt that the banks would not find in our favor and that merchants are always on the losing end when it comes to card holders reversing a charge. It was not worth our time to go after all these accounts. It was not cost effective.

I highly recommend these people they are professionals and the will collect on your chargeback

About the Author: For years I have been consulting for companies with revenue problems. I received my Masters degree from UCLA. My focus has always been finance and marketing. I consult for some of the largest internet businesses on the web today

chargebackrisk.com

plays a large part in all of my presentatio

Source:

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