Chargeback Expertz

The truth is that running a business requires quite a lot of considerations to be implemented and thoroughly accounted for. With this in mind, chargeback prevention is without a doubt something that needs to be taken into the most serious consideration. With this in mind, the first thing that needs to be clarified is what a chargeback actually is. This is the process in which the customers retrieve funds from the merchant as a result of a disputed credit card transaction. This process is almost always going to be initiated by the cardholder themselves as well as the corresponding bank of issue. The Chargeback System and its Benefits There are quite a lot of powerful benefits which stem from using a prominent chargeback management system. Let’s go ahead and take a look. Prominent management – The chargeback system is going to simplify your workflow tremendously, and you are going to be spending a lot less time and money on annoying chargeback procedures. This will open up ...

World of payment is advancing technologically, it has increased possibilities for cardholders and merchants to connect globally. Cardholders can make payments while using mobile devices, and enjoy multiple payment methods at a time. Technological advancement has made easy to detect and protect data with the help of tools and strict policies. Online frauds have cost billions of dollars to companies, cutting their earning dramatically. Online and offline frauds are increasing rapidly, with each retailers losing at least $3 for every fraud they incur in the year 2014. This was $2.79 in 2013, especially mobile frauds which are driving these costs higher each year. How E-commerce Mitigate Fraud? It is a challenging task to entirely eliminate frauds, but necessary steps can be taken to ensure the network is secure. Security protocols, antiviruses, and firewalls can help protect against hacking attempts.Updating software problems ensure sensitive data of business is safe. ...

There are many things to consider to ensure business longevity, and merchants need a proactive approach to deal with chargebacks. If resources are not used to avoid chargebacks , then business tagged as blacklisted, and it can lead to a loss of revenue. Here are some steps that merchants need to consider to avoid chargebacks: Conduct AVS check and process orders that are valid Obtain evidence of shipping receipts and documentation Consider using MasterCard’s security code or verified by visa. This will provide extra protection and solidify your position when representing. Require cardholders to provide CVV2, CID, and CVC2. Refund as soon as possible and notify the cardholder in writing once issued, or when online membership is canceled. Show clear descriptor, mentioning phone number so that cardholder can contact to discuss the dispute. Provide email address on the website so that cardholders can contact you when there is a dispute situation. State the terms and condition...

Your payment processor can help avoid chargebacks using tools such as verified by Visa, CVV, and AVS for preventing frauds. In addition to these, there are measures they consider to reduce the number of chargebacks . Here is list of things that you can expect: There are many players in the overall process, the card brand, card owner, payment brand, processors, and the merchant. If a customer has a reasonable claim then card brand will send a temporary credit to the card owner and the process of chargeback starts. The funds are debited from merchant’s account during the process. There will be a notification via mail, fax, or online management system about the chargeback. If you submit documentation on time and challenge the chargeback successfully in time assigned to you, then funds will be returned. But if documentations are not submitted, then you won’t get funds. These were things that you can expect from banks that will handle your case, here is how your processor can hand...

If you are engaged in e-commerce and if you accept online payments from your customers, chances are, you can experience chargeback . In case you do not know, chargeback refers to a reversal in a payment that has been previously made. This seeks to protect buyers from the unscrupulous transaction, but it can have negative impacts on your business. The good news is that there are several ways that can be promising in terms of the prevention of such occurrences. One of the most promising solutions to stop chargeback would be through having exceptional customer service, specifically through offering the support that is needed by customers. Be Available Round-the-Clock As a way of improving customer service, it will be good if you can be available 24/7. This means that even outside of office hours, you must be able to provide customer support. You can consider having phone lines that are available 24/7. By being able to respond quickly to the queries of your customers, it will be ...

E-commerce can utilize technology to prevent cybercrimes. Here are some features that a business can adopt to keep the business safe from hackers. Many businesses have to fight Cyber Crimes on a daily basis; there is no organization which is immune to Cyber Crimes. Just like any regular crime, criminals known as hackers steal your vital information and valuables when you are not paying attention. There is a rise in E-commerce and online technology, more and more companies are using the internet to do business. You probably will need a website to sell products and a merchant account as the bridge for money transfer. If security is not checked on a regular basis, you may face chargebacks or fraudulent transactions. If you are selling products, then there may be critical financial data stored on your server. Websites help businesses to keep a record of various documents & statistics, but this data also attract cybercriminals. In simple terms, these people want to launch an at...

Dеfinitiоn Thе iѕѕuing bаnk iѕ thе finаnсiаl inѕtitutiоn thаt iѕѕuеѕ Credit card to соnѕumеrѕ on bеhаlf оf thе саrd networks (Viѕа, MаѕtеrCаrd). Thе iѕѕuing bаnk is аlѕо knоwn as thе Credit card company. For еxаmрlе, thе Iѕѕuing Bank of a Citi Viѕа credit card is Citibаnk, аnd Wеllѕ Fаrgо iѕ thе iѕѕuing bаnk оf its dеbit саrdѕ. Nоt all еxаmрlеѕ оf Iѕѕuing Bаnkѕ аrе аѕ оbviоuѕ bесаuѕе bаnkѕ оftеn partner with other organizations tо mаrkеt аltеrnаtivеlу branded credit cards. Airlinе rеwаrd сrеdit саrdѕ are some оf the most рорulаr еxаmрlеѕ in which the саrd is brаndеd bу аn аirlinе but iѕѕuеd аnd managed thrоugh a partner bank. Indееd, banks issuing сrеdit cards are аlѕо knоwn аѕ mеmbеr bаnkѕ and they аrе in сhаrgе оf ѕеtting the credit limit available to thе card hоldеr. Furthеrmоrе, whеn it соmеѕ tо сrеdit саrdѕ, thiѕ tуре of bаnkѕ еxtеnd a linе of сrеdit tо the соnѕumеr by writing a letter of сrеdit whiсh рurроѕе iѕ ensuring thаt intеrеѕtѕ will bе раid оn аnу рurсhаѕе m...

Chargeback Security Expert and Risk Analyst will assist merchants in creating a formidable chargeback reduction plan that will benefit the merchant’s business in accordance with card brand rules. Chargeback Security Team Members will identify the wrong business practices that led to the excessive chargebacks or fraud. Chargebacks are analyzed based on frequency, amount, BIN, IP, Geo and reason codes. Processing Statements and trends go through strict analyzes outlying the problem and isolate the cause. Chargeback Reduction tools and processes are educated to the business and urged to be utilized by the merchant: AVS CVV2 Negative Database Velocity Screening ISPY Technology Chargeback Security Alerts Third-party fraud Scrubbing service Chargeback Analyst will analyze the effectiveness of the current chargeback reduction practices and work on implementing new parameters or new policies. New chargeback/fraud reduction initiatives and modifying existing tool...

No Matter What Business are you dealing with you always need to analyze and review it so that you can stay updated and plan your business accordingly. And this is the reason that it's very obvious for anyone to make plan and strategy for their business even while setting it up and also when your business is well set and running so that you can easily meet the required growth rate. While analyzing any business for sure you can do the analysis as per your own way but here our automated web dashboard comes in the picture and help you in every possible way and make your Merchant Analysis easier and more convenient. We have made and set such algorithm and integrated it with our dashboard that once you put the merchant information on it, it automatically does all the calculations and fetch the details and reports and displays everything right before you on the Dashboard. When you get figures and statistical/graphical Report or data just on your fingertips you can easily analyse a...

Chargeback Security Bеing a retail merchant whо hаѕ thе terminal аnd thе ability tо lооk аt thе card аnd verify itѕ ownership means everything. Thiѕ givеѕ validation tо thе system аnd identifies thе cardholder tо thе issuing bank. Note: Thе transaction rates аrе lower whеn асtuаllу swiping thе card. If уоu аrе accepting credit cards online thеn уоu muѕt hаvе a system in рlасе thаt safeguards bоth уоurѕеlf аnd уоur customer. In thеѕе instances, obtaining complete information iѕ necessary. Yоu ѕhоuld bе ѕurе tо gеt a phone number, address, email, аnd cv2 code аt thе back оf thе card tо verify thе user. Make ѕurе thаt thеrе аrе security measures in рlасе whеn applying fоr a merchant account. Make ѕurе nоt tо ship tо аn address thаt iѕ nоt thе ѕаmе аѕ thе billing address. Yоu muѕt аlѕо bе careful if thе goods оr services уоu аrе providing hаvе a high price tag. Thiѕ саn rеаllу cost уоu in thе return costs аnd chargeback fees. Alwауѕ uѕе уоur bеѕt judgment in thеѕе cases bеfоrе thе ...

Chargebacks are frequent in business and are related to several causes. According to the reason for the chargebacks, they derive from merchant errors and criminal or friendly fraud. Either way, there are ways for you as a business to effectively manage chargebacks. Of course, chargeback prevention is an even more effective protective measure and should be dealt with most cautiously. Even in the negative incident of getting chargebacks, there are solutions that can help you out. In fact, here are some things that you need to keep in mind. Tips for Effective Management of Chargebacks First of all, you need to be ready to offer response chargebacks and not sit idle. There is a small window frame as to when you can dispute chargebacks, and you must be ready ahead of time. It goes without even saying that you should keep all the necessary documentation somewhere neat. In this way, when there is the need to present the documents for disputing the chargeback, you will hav...

We have many many sources to detect fraud and possible chargebacks. Over years we have partnered with banks, financial institutions and Trusted Data Contributors who update your data across many sources to provide real time data chargeback prevention alerts. Merchants can now resolve or refund their unhappy customers and not have to deal with hefty fees due to fraud. For High Risk or Low Risk, business ALERT is an option to avoid chargeback , due to this option merchant can reduce the chargeback ratio which is good for merchant’s account. Excessive chargeback is not good for merchant’s MID because after. Too many chargebacks state that merchants mid is in danger and may be very near to close the Account. Acquirer won’t wait to cross the Account limit, MID will close as soon as chargeback flow is high. Alert will provide an option to control chargebacks and maintain chargeback ratio which is good for merchant’s account. Merchant has the various option after receiving an alert l...

What is a Chargeback? Chargeback is a mechanism by which a cardholder claims the merchant and calls the credit card issuer to dispute a transaction. The cardholder may have various reasons to raise a dispute against the transaction like goods and services never supplied to the customer, defective merchandise received by the customer, refund not processed to the customer, merchant used the expired card and so on. The Merchant needs to give an explanation about the amount debited from cardholder account. What is Chargeback Representment ? Chargeback Representment is a term for providing Packet of Evidence as per Reason Codes to acquiring a bank or the Credit Card Company that shows that the transaction was made with full knowledge of the cardholder and also shows that cardholder agreed with all the Terms and Conditions which was displayed before buying the Product or Services. Representment also includes the information if there is any Refund/Partial Refund issued to Card...

By examining chargeback reason codes , merchants are able to see instructions in the working of their management. For an instance, there are various Visa chargeback reason codes that result from processing errors. Let’s have a look at one particular example: Visa Reason Code 74 Chargeback Reason Code 74 is expressed when a card issuer receives a transaction post 30 days limit and the account is either closed or blocked on the date of chargeback processing date. The transactions must be deposited in a proper manner that will allow timely payment processing and reflect on the cardholders’ accounts. It is established that the cardholder would file a dispute and initiate a chargeback on the transaction he/she doesn’t remember if it is outside the time frame and for say, a month old. There are no remedies for chargebacks on the payments deposited more than 180 days after the transaction date. Merchants must know the time frame for every transaction according to every pro...

Visa uses Reason Code 57: Fraudulent Multiple Transactions to mark chargeback caused by multiple transactions by a particular merchant on a single Credit Card account within in short period of time. The issuing bank received a claim from the cardholder, acknowledging that he or she participated in at least one transaction at the merchant side but disputing participation in the remaining transactions which was held in short period of time. The Customer also states the card was in his or her possession at the time of the disputed transactions. What are the Causes of Reason Code 57? Causes for Reason Code 57 are: Merchant fails to void multiple transactions of a single Credit Card account. Merchant tried to process multiple transactions fraudulently. Cardholder authorized the transaction earlier but later denied. Prevention Techniques: The merchant should void the transactions in that Customer not participate. Merchant process Credit immediately if Multiple ...