111 | Square Reserve Accounts, Chargebacks a COVID-19

"Chargeback fraud is essentially online shoplifting." ― David Wilkes In this week's episode, I share with you my experience with Square and why their decision to put our agency in a Reserve Account status was unjustifiable. I also share with my thoughts on why I agree that some businesses are more liable for this type of action, others (like our agency) do a very good job of protecting ourselves against customer disputes and customer chargebacks. Still, the decision by Square, to put reserves on our account for what they considered a "rainy day," is unmerited. As the owner of SoVerve Marketing Group, it is my job and duty to ensure we have reserves to cover our "rainy days." It shouldn't be up to our payment processing system to determine this - who by the way, is already receiving a hefty percentage per transaction. Still, if you are someone who experiences a lot of chargebacks or customer disputes, I encourage you to chat with an attorney to determine the best course of action to protect your business against what I consider "online shoplifting." For more information on my interview with Bloomberg Quint, please visit this link: https://www.bloombergquint.com/business/mom-and-pop-shops-left-holding-the-bag-in-consumer-card-disputes FIND SOVERVE ONLINE AT: Web - soverve.com Instagram - @_soverve Facebook - @soverve LinkedIn - @stephanievrubio HELP SPREAD THE WORD: It would be absolutely amazing if you could please share this episode with your Twitter community. Click here to tweet some love! FEEDBACK + PROMOTION: Is there a specific topic that you'd love for me to cover on the show? Drop me a note at hello@soverve.com or send me a voice note/direct message on Instagram!

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