Avoid the Bane of Chargebacks with Lucrazon's E-Commerce Platform


Merchants Can Now Accept Bitcoin & Eliminate Chargebacks

E-commerce businesses are often faced with chargebacks, one of the most costly aspects of accepting credit cards. When a buyer notifies the credit card company that a charge should be reversed—say, because the item purchased was not received, or because it was significantly different than the description on the website, or because the buyer is malicious and intends to defraud the merchant—the business loses the revenue, the product it shipped and pays a penalty fee to the credit card issuer that may range between $20 and $100. Total losses to vendors due to chargebacks were pegged at $11.8 billion in 2012. [1] LexisNexis reports that merchants in 2014 lost $3.08 for each dollar of fraudulent transactions, a 33 percent increase over 2013. [2]

Now, merchants using Lucrazon's platform can immediately begin accepting Bitcoin cryptocurrency. Bitcoin, by its very design, is immune to chargebacks; it makes them impossible. The customer simply opens a Bitcoin wallet and enters a string of text that transfers the required amount to you, the merchant. A public ledger (known as the “blockchain”) records every transaction worldwide, validates it and eliminates the possibility of charging back to the merchant.

Cryptocurrency, like Bitcoin, offers you and your customers several benefits.

  • Unlike entering a credit card number, expiration date and CVV number into a website, a Bitcoin transaction requires only a string of characters. The customer's credit card is not exposed over the web.

  • Bitcoin fees are usually counted in pennies per transaction and do not escalate based on the amount of the transaction.

  • Furthermore, buyers cannot be charged an overdraft fee, simply because they cannot spend Bitcoins they don't have.

Bitcoin values have fluctuated widely in the past few years, but that hasn't stopped major online merchants and others from accepting them. Expedia.com, Overstock.com, Kings College, Dell Computer, eBay, Dish Network, 1-800-FLOWERS, Newegg and Sir Richard Branson's Virgin Group are just a few of the well-known companies to accept Bitcoin.

Now, with Lucrazon's implementation of Bitcoin on its robust ecommerce platform, you can begin enjoying fast transactions, low fees and automatic conversion to dollars, as well as the option of retaining payments in cryptocurrency. Coinbase.com, an international Bitcoin exchange based in San Francisco, provides the conversion factors used to convert cryptocurrency to U.S. dollars and the necessary Bitcoin wallets.

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