How to avoid Chargebacks with Lyra
Among all the payment collection options in eCommerce sales, the key to managing online payments successfully is to take into account ‘what are the most common causes of rejection that are presented at the checkout time’.
As a merchant, you have to learn the reasons for payment rejection,
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why the payment your client had made got rejected
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why the payment is on hold?
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why the card is declined?
And the most important one, how can I prevent the rejections of online card transactions from my end?
Some of the reasons for card decline are, lack of funds, wrongly entered credentials like name, CVV, etc., invalid expiration date, etc. But if we dig a little deeper, there can be other reasons such as,
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Suspicion of fraud
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Payments not authorized by the card-issuing bank
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Have a card issued but not active
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That the card is restricted in use
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Use an invalid account
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Not having sufficient funds
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Use a blocked card
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Pay with a card reported for theft
So, a business would require a more robust technological platform to access more infrastructure and minimize the possibilities and causes of card decline/ rejection.
This is where the risk management module comes into the picture.
With a payment gateway, for example, Lyra’s payment gateway, you can customize an anti-fraud module according to the business requirements.
You can adjust the rules and parameters to accept or decline particular transactions. These filters can depend on the amount, countries, frequency of transactions, etc.
Importance of having a payment gateway with 3DS:
Having a payment gateway with a good management system and achieving fewer chargebacks and claims.
To avoid chargebacks with Lyra,
Lyra offers a modern security protocol, 3D-Secure, that gives a guarantee of payment to the merchant in the event of chargebacks in which the buyer was authenticated by their issuing bank.
Transactions done via Lyra’s payment gateway(equipped with 3DS) will be able to validate the identity of the buyer with their bank, at the right moment when the online payment is made, which means that in case of fraud the responsibility and who must answer for the transaction carried out is the issuing bank, avoiding losses for the trade.
The most recent security standard, 3D-Secure, is utilized to process Visa and Mastercard payments online.
It allows you to make secure purchases over the Internet, managing to avoid some causes of rejection in eCommerce platforms when receiving card payments.
Lyra – a complete solution tailored for your business
Tools and APIs
After signing up with Lyra, you will have access to a wide range of tools, a library of materials, and APIs.
The tools and APIs make integration of the payment gateway easy and in an agile way avoiding the waste of excess time, efforts, and additional operational costs and procedures.
A variety of plugins
Lyra offers a variety of different plugins to integrate online payments with your eCommerce business/website.
Along with 40+ shopping cart plugins, there are open source plug-ins that link CMS-based eCommerce websites directly to Lyra.
In other words, With Lyra, you can have total control of transactions, integrate the payment gateway with the eCommerce you want, and make the online payment process an efficient, easy, and secure experience for your customers.
At the same time, you are preventing the most common reasons for rejection of an online transaction from affecting the proper functioning of online collection in your business.
In conclusion, Improve your transaction rates with Lyra’s payment gateway. A payment gateway that guarantees high-level security and allows you to control rejections.
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