With businesses facing struggling during the pandemic, chargebacks have become an additional challenge.
This piece suggests ways how businesses can deal with the increasing number of consumers turning to chargebacks during COVID-19 pandemic. Brands can consider alternative payment methods such as ACH, wire transfers or bitcoin for their transactions.
Businesses can also refund customers, for cancelled orders or the products that they are unable to deliver due to restrictions posed by the government. It can help them build goodwill with the customers during the crisis and benefit them in the long run.
Brands can also offer future delivery of products or services on terms favourable to customers if they do not wish to provide refunds. Some industries, such as travel can also offer cancellation insurance to their customers, to protect their purchases.
[5 minute read]