Chargebacks and Friendly Fraud are on the rise with this new-found “freedom mentality”. Guests are disputing charges for vacations they did in fact take, using excuses and loopholes to save money. The hard part to swallow for hoteliers, however, is that banks favor the cardholder and not the business, which means you’re at high risk of losing that chargeback dispute.The good news? There is technology for that. Larry and Adam Mogelonsky said it best:
“We caution, though, that you must evaluate suppliers on how exactly they are able to facilitate payment scenarios whereby only the guest ever has full visibility of the credit card, even as that information is shuffled from the payment gateway into accounting ledgers and into the PMS. Many solutions fail to offer a 360-degree encryption or tokenization of this sensitive data, thus resulting in a lower PCI compliance score and greatly reducing the chances of fully verifying that the guest authorized each payment.”
With TransForm, we offer an online payment portal that stops your staff from ever SEEING or KEYING credit card data. This results in lower rates of fraud, a better ability to win chargebacks, and higher cybersecurity.