Chargeback Rules for WAAVE Merchants
Chargebacks: Most chargebacks are due to the fact that your customer doesn’t recognize the description on the statement, granted, there are some dishonest people out there but most of the time our chargebacks are from confused people.
How can YOU avoid chargebacks :
1. Include WAAVE on your receipts. IF a customer paid with WAAVE tell them they will see WAAVE or WAAVE ORDERING APP on their bank / card statement.
2. Please setup a new automation and send a email reminder to all customers who used WAAVE 3 weeks AFTER the purchase. You must include a note saying that they will see WAAVE on their bank statement
What WE do to help:
On WaaveCheckout:
1. We send a welcome email when they register
2. We send a receipt with your URL and our info immediately after every single payment
3. After their FIRST payment they also get an SMS
4.. 21 days AFTER the first payment they receive a follow up email with links to report issues or request refunds and yes! we tell them again that WAAVE is the name on their statement
On Waave Direct Card Payment:
1. SMS with a verification code every time they do a payment
2. Email receipt
3. Create an account SMS
4. 21 days AFTER the first payment they receive a follow up email with links to report issues or request refunds and yes! we tell them again that WAAVE is the name on their statement
As you can see, we actively engage with the customers in an effort to minimize confusion but we also know that emails and communications DIRECTLY FROM YOU, THE MERCHANT have more IMPACT and they have a higher opening rate.
Help us minimize conflict by implementing good communications with your customers.
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WAAVE Rules for Chargebacks:
1. We hold the amount in conflict and deduct it from your next payout
2. We pass through a $35 processing fee that is also taken from your next payment
3. Winning or Loosing a chargeback doesn’t change the fact that there is one
4. If you win the chargeback you will receive back the amount on hold on your next payout but the $35 fee is non-refundable (we do not get it back from the bank)
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How we manage merchants with Chargebacks:
1. Any merchant with a chargeback rate of 1% or higher is automatically put under review. We calculate the rate globally and on a monthly basis.
2. We give you a heads up when we see your account in danger.
3. Any merchant with chargebacks will trigger a rolling reserve request when needed.
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How does a rolling reserve work?
We don’t like rolling reserves and we know you don’t like them either. That is why if you do not have chargebacks WAAVE will cover any Temporary Mandatory Reserve for you. If you do have chargebacks we will hold 25% of your payouts for the duration of the reserve.
If your account ever triggers a reserve we will let you know immediately. There is no circumstance where WAAVE will impose a reserve and not let you know.