Chargeback Rules for WAAVE Merchants

While chargebacks can be challenging for any business, it is important to recognize that most of them occur due to customer confusion rather than dishonest intentions. By prioritizing clear communication, providing identifiable transaction details, and establishing responsive customer support, you can foster a sense of trust and transparency with your customers, thereby minimizing chargebacks resulting from customer confusion. In this article, we will explore some strategies you can adopt to minimize chargebacks:

How can you minimize chargebacks :

1. Include WAAVE on your receipts. If a customer paid with WAAVE tell them they will see WAAVE or WAAVE ORDERING APP on their bank/card statement.

2. Call the buyer to provide a status of their order and remind them that if they see WAAVE on their statements, it is the charge related to this purchase.

3. Maintain a responsive customer support system to promptly address any customer inquiries or concerns. Swiftly resolving issues and providing satisfactory resolutions can prevent misunderstandings from escalating into chargebacks.

4. Review WaaveSonar alerts. This tool was designed to detect potential fraud transactions. The system learns from past transactions and generates alerts when patterns are identified. You will receive an email with the details for you to review and you can also check on your dashboard under Fraud an Risk. Find out more on how to make the most of this tool in the following article: https://waave-client-support.tawk.help/article/how-to-use-waavesonar

On WaaveCheckout:

1. We send a welcome email when they register

2. We send a receipt with your URL and our info immediately after every single payment 

3. After their FIRST payment they also get an SMS

4.. 21 days AFTER the first payment they receive a follow-up email with links to report issues or request refunds and yes! we tell them again that WAAVE is the name on their statement

On WAAVE Direct Card Payment:

1. SMS with a verification code every time they do a payment

2. Email receipt

3. Create an account SMS

4. 21 days AFTER the first payment they receive a follow-up email with links to report issues or request refunds and yes! we tell them again that WAAVE is the name on their statement

As you can see, we actively engage with the customers in an effort to minimize confusion but we also know that emails and communication DIRECTLY FROM YOU, THE MERCHANT has more IMPACT and they have a higher opening rate.

Help us minimize conflict by implementing good communications with your customers: minimizing chargebacks is an ongoing process that requires continuous improvement and a customer-centric approach. By working together to address customer concerns and improve communication, we can create a more secure and mutually beneficial payment environment

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WAAVE Rules for Chargebacks:

1. Once a dispute is initiated the Bank holds the disputed amount and returns it to the buyer until the conflict is resolved.

2. The Bank charges a $35 non-refundable processing fee.

3. Once a chargeback is initiated, evidence must be submitted through your dashboard. Always call the buyer to understand the reason for this chargeback: if the buyer acknowledges they've made a mistake, they must call their bank to dismiss the dispute.

4. If you win the chargeback you will receive back the amount on hold on your next payout but the $35 fee is non-refundable (we do not recover it from the bank)

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How we manage merchants with Chargebacks:

A monthly chargeback rate over 0.60% red flags your MID and WAAVE's account with the bank. In fact, excessive chargebacks is #1 reason for legitimate merchants landing on the MATCH list. So here's our rules to prevent this from happening:

1. First Warning Email:If your chargeback rate exceeds 0.6%, you will receive a warning email from WAAVE. This email serves as an alert for you to review your operation and make any necessary adjustments to minimize chargebacks.

2. Rolling Reserve Implementation: If your chargeback rate surpasses 1%, WAAVE will apply a 10% rolling reserve on your account for a duration of 30 days. During this period, 10% of each transaction's value will be temporarily withheld, and the funds will be released after the 30-day period has elapsed.

3. To have the rolling reserve removed, ensure that your chargeback rate falls below 0.6% for three consecutive months.

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Let's strive towards greater transparency and customer satisfaction in the quest to minimize chargebacks!