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What Are Chargebacks

A chargeback happens when a cardholder calls his card issuer to dispute a charge on his account.

If your customer files a dispute, you’ll get a notice from your acquiring bank that a chargeback is pending.

You can either accept it or request it. If you accept it or if the acquirer or card issuer denies your request you will get a chargeback, and it’s not good for your company.

When a chargeback is received, you will get a chargeback reason code from the issuing the bank that gives a reason for the dispute.

Chargeback Process

A customer disputes a transaction by getting in touch with his bank.

• For most transactions, cardholders have 120 days from the transaction date to dispute a charge.

• The card-issuing bank gives a provisional credit to the customer for the transaction amount.

Merchant Notified of Chargeback Received

• The chargeback amount is debited from the merchant’s account and the merchant is informed via email using the email address where settlement summary emails are sent.

•Chargeback details will show up in the merchant portal.

•The merchant will be charged a non-refundable chargeback fee, which can vary as per the Acquiring Banks.

Merchant Response

•Re-present – The merchant typically has 7-30 days (depending on the card network i.e. MasterCard, Visa, Discover, American Express) to answer to the case by giving supporting documentation.

•Accept – The merchant can choose to “accept” the chargeback and permit the funds to be refunded to the cardholder. The chargeback will be automatically accepted if the merchant does not reply by the answer date.

Looking for a Chargeback Management Company, there are several things you’ll want to consider. Some of them are as follows:

•What will a chargeback management company do? All chargeback management companies are different, but the best solution will address both sides of the chargeback issue: prevention and representment (disputing chargeback to recover revenue).

•How will chargeback management software combine with your current platforms? The chargeback management company shouldn’t be able to access your lead lists or other tactful customer information.

Chargeback Expertz

Chargeback Expertz gives you full back support to excel you in each and every way. Want to have good management for your business calls us now PHONE: +1 855-465-4723.