Fighting chargebacks is important to business. Whether you process transactions at a point of sale location or operate an e-Commerce business making sure you have implemented a process to dispute your chargebacks is critical.
Basic concepts that can be used to begin learning how to dispute chargebacks for Visa and MasterCard transactions:
Keep accurate records of data that is easily accessible. Keeping track of your sales and products have a much easier time in collecting the information necessary to combat a chargeback.
Act quickly. Don’t wait until you only have a few days left to respond to a chargeback or retrieval request. Responding in a timely fashion shows your processor that this is of concern to you and that you’re taking matters seriously.
Create chargeback packets or templates. These allow you to quickly input specific relevant transaction information to support your view of the transaction being valid. Packets should include documents that support your case against the chargeback.
Compile and submit your packet to your processor in the form that is most convenient for both you and them. Make sure the packet has the original chargeback documents attached as well as your packet with supporting documents.
Monitor your chargebacks to see which ones you’re successful on and which you’re not. This will help you understand what processes are work for each specific chargeback type.