Instant Chargeback Alert For Chargeback Reason Code 74: Late Presentment

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 processor’s individual terms, but in any case, one should not wait longer than 180 days.

Common Causes :

Chargeback Reason Code 74 is issued when the merchant does not deposit the sales receipt with its merchant account provider within the time frame specified in its processing agreement.

Possible Responses to Reason Code 74:

Respond by providing the transaction receipt or other documentation with a transaction date that disproves late presentment.

If sales receipt has been deposited on time, then the merchant can contact its processor and ask them to forward a copy of the receipt to the card issuer.

If the merchant has not deposited the sales receipt within 10 to 180 days of transaction date and the cardholder's account has been closed, then accept the chargeback.

If the sales receipt was deposited more than 180 days after the transaction date, the chargeback is valid irrespective of the cardholder’s account status.

Tips to Prevent Chargeback Reason Code 74

Here are some guidelines to follow and prevent Visa Chargeback Reason code 74

Deposit the sales receipt with the processor as soon as possible.
Make sure deposits are made within the mentioned time limit.
Capture transaction data with Point of Sale POS terminal.

Comments

The Emerging Facts of Online Payment Fraud Trends

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. ...

Chargeback Prevention Alerts for High Risk Merchants

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...

Impact Of Chargeback Management System – The Benefits That It Brings

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 ...

Chargeback Expertz

Search This Blog