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Quick summary for hospitality businesses: To reduce chargebacks, businesses must implement Address Verification Services (AVS), maintain clear refund policies and use detailed POS data to provide “compelling evidence” during disputes. Statistics show that for every $1 lost to a chargeback, the actual cost to the merchant is roughly $3.60.
Hospitality payment processing encompasses the workflows, technologies and best practices that enable hotels, restaurants, bars and other guest-facing businesses to accept and manage payments seamlessly. As guest expectations evolve, operators must adopt robust payment infrastructures that integrate with core systems, support diverse payment methods and safeguard sensitive data. This guide dives into the essential components, benefits and challenges of hospitality payment processing.
Chargebacks, in the simplest terms, are forced transaction reversals initiated by the cardholder’s bank.