You might be wondering what chargebacks in payment processing and why they are important if you have ever managed a business. Freelancers, producers, and digital service providers need to know what chargebacks are because sites like BitLily only accept bitcoin payments.
A chargeback happens when a client tells their bank or card issuer that they don’t agree with a transaction, and the payment is reversed. Chargebacks can cause retailers to lose money, have arguments, and be late in traditional payment systems. But BitLily’s crypto payment gateway solves a lot of these problems because blockchain is open and transactions can’t be undone.
How Chargebacks Work in Payment Processing
In normal credit card systems:
- A customer makes a purchase.
- Then, they contact the bank claiming fraud, dissatisfaction, or non-delivery.
- The bank investigates and may reverse the payment.
- As a result, the merchant absorbs fees and potential losses if the dispute is decided in the customer’s favor.
In contrast, BitLily’s crypto payment solution executes transactions on-chain and can’t be undone. So, once you make a payment using the BitLily crypto card or merchant services, there is no normal chargeback. This provides traders peace of mind and cuts down on disagreements.
Chargebacks vs. Crypto Payments
| Feature | Traditional Payments | BitLily Crypto Payments |
|---|---|---|
| Dispute Risk | High | Minimal |
| Transaction Speed | Hours to days | Seconds to minutes |
| Fees for Reversals | Yes | None |
| Transparency | Limited | Full on-chain trace |
Why BitLily Makes Chargebacks Less Important
- Decentralized Payment Platform: Payments are made directly on the blockchain, which stops unlawful reversals.
- BitLily is a multi-chain payment processor that safely supports Bitcoin, Ethereum, USDC, USDT, and other stablecoins.
- Crypto-to-Fiat Settlement API: Merchants may quickly change crypto into fiat, which lowers risk.
- No KYC Crypto API: This lets you make payments without any problems while still keeping security and compliance.
Pros for Freelancers and Creators
Because BitLily doesn’t have typical chargebacks, freelancers, content creators, and service providers who use it can:
- More cash flow and more stable income.
- Less chance of fraud or arguments with customers.
- The ability to reliably accept payments with stablecoins.
- Payments in cryptocurrency that transcend borders without any middlemen.
Also, merchants can see all transactions, which makes it easier to keep track of and report on them.
BitLily can help you protect your income.
Don’t allow chargebacks hold down your business. With BitLily Crypto Card and Merchant Services, you can:
- Securely accept payments in cryptocurrency
- Use blockchain payment APIs to make transactions that can’t be undone right away
- BitLily’s crypto-to-fiat settlement API makes it easy to change crypto into fiat.
- Easily handle payments for Bitcoin, Ethereum, and stablecoins across several chains
👉 Sign up for the BitLily Crypto Card today and start accepting crypto payments with zero chargeback risk!
🔗 Click here to get started