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—Matthew Katz, CEO and Founder
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To say we’re relieved that you want to learn about credit card chargebacks is an understatement. We at Verifi, want you to be armed with as much information as possible so you can protect your business.
A chargeback occurs when a customer disputes a charge on their debit and credit card. Until you can prove that the charge is valid and was approved by the consumer, the transaction is reversed back to the consumer. This chargeback process is a recognized method of protecting consumers from fraud and common billing disputes. When the chargeback occurs, the merchant has the right to respond to the chargeback with information to prove that the consumer did approve this charge and that it is valid. To do so, you need to provide clear evidence that the customer approved this transaction (such as time/date of goods downloaded, cardholder IP address etc). When you have proven that the credit charge is valid, the funds are returned to you and the customer is ultimately charged for the original transaction.
If this seems complicated, it is because chargebacks and fighting chargebacks is a complicated process. Because of this level of complication, managing and protecting your business from chargeback fraud is expensive, time consuming and requires you to have in-house chargeback and merchant services experts. This is why taking advantage of our merchant services such as Premier Chargeback Recovery Service and Cardholder Dispute Resolution Network is one of the best business decisions you can make.
To learn more about chargebacks and how you can protect your business, browse our Chargeback Knowledge Base.
Yes, there are four general chargeback categories:
These are the four general credit card chargeback categories but you might still be wondering about the codes that you’re seeing. The four major credit card companies: Visa, MasterCard, American Express, and Discover all have unique reason codes that they use to identify the category and reason for the chargeback. In fact, between the four companies, there are 151 reason codes. We recommend you learn about these reason codes and ensure your team is also familiar with them. (Yes, this is a lot of information to manage and it’s for this reason that we want you to think about using our proven solutions to protect your business from credit card chargebacks.)
While it is not possible to completely prevent credit card chargebacks, you can take steps to protect your business in the event that you must deal with credit card chargeback. To be honest, the best way for you to protect your business is to use Verifi solutions to help you and your business.
Taking advantage of our Patented Cardholder Dispute Resolution Network (CDRN) is one of the best business decisions you can make. This award-winning Saas-based solution, can help you stop up to 40% of your chargebacks. Verifi CDRN offers you complete coverage for both fraud and non-fraud chargebacks and allows you to protect your bottom line by avoiding costly fees, fines and penalties. Verifi’s zero-defect guarantee,* allows you to focus on your core business and gives you real time notifications.
Verifi is in the business of chargebacks and merchant services – this is what we do best and we do it for you! – Allowing you to focus on your core business and what you do best.
Along with using software and tools such as CDRN, you can also do the following to protect yourself from debit and credit card chargebacks:
Whether you’re new to credit card chargebacks or are a seasoned merchant, you’ve likely got many more questions about credit card chargebacks. Credit card chargebacks are not simple to understand and because of the cost and risk they have for your business, it’s vitally important that you know everything you can about them.
We suggest you browse our Chargeback Knowledge Base to learn more about credit chargebacks.
Remember, our team is here to help you. We want to see your business succeed and this means you have the tools you need to focus on your core competencies while we, at Verifi, stay focused on protecting you from credit card chargebacks.
100% Accuracy – With Verifi’s zero-defect guarantee if a CDRN case is successfully resolved but later filed as a chargeback, you don’t pay.
Call (323) 655-5789 or complete the form below