February 6th, 2017 by Elma Jane
Managing Chargeback:
Chargeback – a forcible reversal of funds due to a credit card holder’s dispute of the transaction. Chargebacks can be a huge headache for a business owner, it can affect a business’ ability to maintain a credit card processing account and put funds on hold.
How can you protect your business and maintain a good processing account? First, you need to know the basic chargeback types:
- Clerical – duplicate billing, incorrect amount billed or refund never issued.
- Fraud – consumer claims they did not authorize the purchase or claims identity theft. Fraud disputes can be more complicated since they are the result of fraudulent consumer purchases.
- Quality – consumer claims to have never received the goods as promised at the time of purchase.
- Technical – expired authorization, non-sufficient funds or bank processing error.
Managing chargebacks is an important piece and it can certainly be reduced, to save your business, time, money and reputation.
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Posted in Best Practices for Merchants Tagged with: bank, chargeback, consumer, credit card, fraud, funds, processing account, refund, transaction