Chargebacks suck. There’s no other way around it. In this blog, learn how to get them under control and run your business the best way you can.
Are you running your business the best way you can?
Whether you’re scouring the ClickBank Marketplace on the lookout for great new products to promote or burning the midnight oil as you hammer out the last details of your next big launch, the matter of chargebacks is expressly relevant to you as a ClickBank vendor OR affiliate. At the end of the day, thousands of dollars in sales can quickly evaporate if the customer elects to initiate a chargeback.
A Charge…Huh?
chargeback
|CHärjbak|
noun
a demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.
Let’s unpack this a little bit. A chargeback, at its core is the reversal of a credit card transaction which is forced by the customer’s credit card-issuing bank. These are generally initiated by the credit card holder by calling their card-issuing bank to dispute a transaction. When a chargeback is completed, all the funds you might have collected on a particular sale are reversed, poof! Gone.
So how can you combat these chargebacks and keep your hard-earned money in your pocket? Below are some tools and resources designed to help arm you in the fight against the dreaded chargeback.
Our Best Practices = Your Gain
We have compiled a number of revenue-boosting best practices you should be using (if applicable to you of course) to keep chargebacks at bay and your hard-earned money right where it belongs.
Notify Your Subscribers
- Occasionally, customers can forget they have been actively subscribing to your product or service. By sending quarterly subscription notifications, customers who are no longer receiving value from their subscription have the opportunity to cancel, rather than chargeback. This also provides you a great save-a-sale opportunity to try and piece together exactly what went wrong along the customer journey.
Trial Transparency
- All successful relationships are built on honesty. The same adage applies to those who purchase your product or service. Customers who elect for a trial offer should be reminded they have been signed up for a free trial within the first 30 days. In this same reminder, make it both easy AND apparent for the customer to cancel the offer. Should they choose to cancel, the option to do so is now easy to locate.
- Along the same lines, be sure to have monitoring tools in place to see if a customer is actively using the trial within the first 30-day period. If a customer is not, shoot them an email reminding them of their subscription and include a simple way to cancel. If the same customer has still not used the trial around the 26th or 27th day, manually cancel their subscription before a rebill and a potential chargeback occurs.
Step-Up Your Customer Service
- While ClickBank is home to the best-in-class customer service, no one quite knows your product like you do. From trouble-shooting specific issues to coaching your customers through a product feature, your efforts here are the first line of defense in protecting yourself against chargebacks. Consider looking into advanced customer service options like live chat to assist in processing refunds, cancelations and assisting your customers with any other needs which arise.
Understanding Customer Intent
- The beauty of the ClickBank platform is the number of ways it allows you to customize the “checkout” process. One such way is through upsell features. Many vendors on ClickBank choose to include a subscription program during this upsell process. When a customer elects to refund a core product, best practices state you should then cancel the associated upsells or subscriptions the same customer purchased after the initial offer.
Reduce Refunds and Chargebacks, Upsell with Order Bump
- ClickBank’s latest platform feature, OrderBump, is an excellent way to get your feet wet with upsells, all without some of the complexity which can come with introducing additional pages into your sales funnel. With low chargeback and refund rates, Order Bump has had the transformative power to increase revenue by as much as 15% in only three weeks. Learn more about Order Bump here, including how to get started.
Going the Extra Mile
- Are you in the business of selling physical products? If so, consider adding a small packing slip to each order reinforcing the product is sold by ClickBank. This also keeps an eye out for receipts form “CLKBank”. On occasion, a customer can forget ClickBank is the merchant of record (which will appear on their card statement). This small extra step can increase billing transparency and reduce any confusion leading to a refund or chargeback.
Protect Your Brand
In order to assist you further against your chargeback, we’ve put together a few more resources to give you more tools to keep your hard-earned revenue.
Take a moment to head on over to the ClickBank Knowledge Base and explore our official entries on getting even MORE out of your Daily Sales Snap Shot or dive deeper into our policies on refunds and chargebacks.
Supporting Your Success
And as always, we love questions and comments. If you have other inquiries not answered here, don’t hesitate to reach out to our support team at support@clickbank.com.