Hotel Chargebacks: What are they? And How Can You Prevent Them?
When it's cold outside, you wrap up in blankets and layers, and when it's raining, you cover yourself with a raincoat and an umbrella. When you venture out, you can significantly lessen the harsh weather, though not entirely. Dealing with chargebacks at your hotel can be done using a similar strategy. The inconsistent use of technology and procedures. makes chargebacks a constant problem for hotels. Chargeback fees can range from $20 to $100, so there is a real cost associated with them. In 2019, merchants lost 4.4% of revenue as a result of chargebacks. Due to the negative effects on the bottom line, the reputation of the brand, and the loss of crucial teamwork time, it is a burden on hotels. If you don't make efforts to fix the vulnerabilities, it will cost $2.94 for every dollar of fraud loss, which can mount up very rapidly. And that doesn't even take into account the time you spent resolving the conflict! In this blog, we will learn what are chargebacks, and how ...