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Payment Solutions Driven By Perfection
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Recent research by Survata has discovered that 41% of small businesses have had cashflow issues within the last year, with issues such as chargebacks and payment fraud hitting them in the pocket.

16% of SMEs also say they have experienced challenges with payment fraud, with 8% of businesses saying they’ve experienced 10 or more fraudulent requests in the last year alone.

With payment fraud and chargebacks seriously stunting cashflow and overall business growth, how can busy SME owners prevent chargebacks, keep hold of their profits and reach the next level of business growth?

Preventing chargebacks can feel like one of the hardest challenges SME owners face, especially if they spend all their time running their business, have little support, tight budgets and are unsure about financial regulations and compliance.

A culture of chargebacks and ‘friendly fraud’ is hitting businesses of all shapes and sizes. How can companies adapt to an evolving consumer chargeback philosophy, protect their profits and keep markets happy at the same time? Read 'What is friendly fraud and how do chargebacks work?' to learn more.

How to prevent chargebacks with the right payment provider

Preventing chargebacks and avoiding fraudulent claims can be easier than you think, though. How? By partnering with a payment services provider who will take the complexities of compliance from your hands and create a financial strategy that allows SMEs to focus more on their customers and grow their business.

Fraudulent chargebacks aren’t just a financial issue either. They’re also an emotional one; 56% say the emotional impact of chargebacks in relation to cashflow is highly consequential or consequential.

Away from chargebacks – fraudulent or otherwise – and only 33% of SMEs get paid immediately while 10% say they have to chase down a customer payment that is overdue to the tune of 181 days (approximately six months) or longer.

For those who are taking action themselves to prevent chargebacks and to streamline their cashflow systems, there is light at the end of the tunnel. More SME owners are turning to management software and apps to help make their working lives easier.

While 84% of owners use at least one tool or app to manage their business though, 50% want faster service and 45% want improved security. For a lot of small business owners, the technology isn’t perfect and is another hurdle when it comes to preventing the business against fraudulent financial claims.

The right technology and strategy can enhance SME cashflow

Though some may feel that the technology they’re using may not be perfect, it is a step in the right direction to improving cashflow, business growth and improving customer relations. Every SME is unique. There isn’t really a single piece of software that will help fight off a growing chargeback culture.

Rather, small business owners could vastly reduce the regularity of claims they face, hold onto their profits and create a clearer, more transparent relationship with their customers if they adopt a financial strategy that makes use of modern payment solutions that also reduces the stress of administration.

Partnering with an experienced payment provider can help you to create a bespoke financial strategy to improve your cashflow with a team who cares as much about your business’s growth as you do. Not only will that give you more time to focus on your business and your customers, but will help improve cashflow and take the burden of complicated financial compliance from your shoulders.

Find out more about how to prevent chargebacks and grow your business with a modern, bespoke financial strategy by contacting Fibonatix today.

A culture of chargebacks and ‘friendly fraud’ is hitting businesses of all shapes and sizes. How can companies adapt to an evolving consumer chargeback philosophy, protect their profits and keep markets happy at the same time? Read 'What is friendly fraud and how do chargebacks work?' to learn more.

Download your free guide to dealing with chargebacks, losses and friendly fraud.

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