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Trusted by emerging companies to the Fortune 500, Verifi works with a wide range of industries, including top omni-channel and e-commerce merchants to maximize payment yield across the entire transaction lifecycle.
Chargebacks happen when a cardholder disputes a merchant charge. The issuing bank then debits the merchant’s account for the amount of the transaction. Even if a chargeback is reversed, the merchant is charged a fee by the issuer and may face additional fines and penalties. Merchants who receive too many chargebacks increase their chargeback ratio, which could result in even more fines, fees and penalties as well as the loss of processing privileges.
There are a variety of reasons that cardholder disputes occur, including:
On average cardholders are given 120 days by issuers from the date of the charge on their billing statement to initiate a dispute and in some other cases a cardholder can take up to 540 days (18 months). Once the merchant is notified of the dispute, it has several options in which it can respond. It may choose to issue a refund, fight the chargeback or do nothing and let the chargeback process.
To prevent and manage chargebacks, merchants should first employ the following best practices and processes:
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