One of the challenges of having a high average ticket is fighting chargebacks. A chargeback occurs when a customer calls their bank and says they didn’t authorize the credit transaction or that the merchant ripped them off. This is a big, big problem for merchants in the home improvements and home services space. Visa and Mastercard have a chargeback window of 120 days from the sale or the delivery of the goods/services (whichever is later). Meanwhile, American Express and Discover have a window of one full year. Sadly, many consumers have resorted to using the chargeback process as a customer service tool when they’re not 100% satisfied with something, as opposed to using it as a fraud mitigation tool as it was intended.
When a chargeback has been issued, the processing bank will withdraw those funds from the merchant’s bank account and hold them in escrow and essentially require the business to prove they had authorization to charge the card and they completed the services as described. That’s where we come in. We’re experienced in handling chargebacks, so we’ll be able to assist to help you get your money back. This service is an additional fee that can be billed hourly or included in a monthly subscription. Our clients rely on our experience and our expertise to give them the best chance at getting their funds returned. That said, we cannot and will not assist unethical businesses who are intentionally trying to get over on their customers.
We also provide free consultations with our clients to make sure their agreements, authorization forms, and best practices are such that they minimize the likelihood of chargebacks ever happening. An ounce of prevention is worth a pound of cure, right?
On April 30, 2019. Governor Hogan signed HB777 into law. To read more about the bill visit www.magothy.biz/hb777 Maryland’s HB777 and its senate companion SB694 were designed to bring more transparency to the payment processing industry in the great state of Maryland. The Problem: Many small businesses get locked...Read More >
Have you ever heard the saying, “One bad apple spoils the barrel?” It’s true, ya know. An overripe, spoiled apple will emit significantly higher levels of ethylene gas causing other apples around it to overripen as well. We often use this saying or variations of it to describe how low character people can be bad influences on...Read More >
Magothy Payments came as a recommendation from our accountant who realized how much we were paying with our old company. Jaron made the process very easy by reviewing our old statements to see if there was any room for saving. After our consultation, he offered to use Magothy payments for one month and if we didn't see any savings we had the option to walk away without losing anything. Jaron has been upfront from the beginning and has been there promptly to address any concerns we have with our system. I highly recommended Magothy Payments!
Dr. Hetal Rana, Eye Associates
Worldwide Waterproofing changed payment processing companies in 2016 after 14 years of being with the same provider. We had a great initial meeting with Jaron and felt comfortable with his knowledge and expertise. Working with a local company that is easily accessible made sense for us. We hadn't really tracked our credit card costs over the last several years, so we were BLOWN AWAY when we saved more than $2000 in our first month alone. This was the by far the best decision we could have made. We get our deposits next day, the platform is easy to use, and we finally have a relationship with the company funding our transactions. I couldn't recommend Magothy Payments enough.
Summer Hoder, Worldwide Waterproofing
Magothy Payments has been GREAT for our business. We get calls from merchant services vendors every day. But when you need service from THEM, they are nowhere to be found. This never happens with Jaron and his team. Their personalized service is outstanding, and our costs are down too! I highly recommend you consider Magothy Payments for your business.
Bruce Spencer, Walt Eger's Service Center
The team at Magothy Payments is nothing short of SPECTACULAR and I can't recommend them enough! If you are tired of wondering if you are paying too much for your credit card processing and harassing daily calls about saving you money, I can assure you that Magothy Payments is your BEST option. Local, Personal and Professional, their integrity shines through at every service opportunity. The statements are transparent, the rates are the lowest, and they are focused on a long-term relationship that will save you money. Everyone that I have referred comes back to me very satisfied and glad that they made the change.
Andy Byrd, Victory Awards & Promotions