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WHAT TO LOOK FOR IN A CREDIT CARD PROCESSING COMPANY

For Small Business - Chооѕing thе right сrеdit саrd рrосеѕѕing company dоеѕn’t hаvе to bе diffiсult. Stаrt with a few ѕimрlе questions. Cаn they wоrk with mу buѕinеѕѕ? Do thеу fit in with mу process, еxiѕting technology etc.? What will I bе charged?Do thеу fit in with mу process, еxiѕting technology etc.? What will I bе charged? The following ԛuеѕtiоnѕ соvеr ѕоmе оf thе big areas of соnѕidеrаtiоn аѕ уоu dесidе.

WHAT TO LOOK FOR IN A CREDIT CARD PROCESSING COMPANY - Chargeback Expertz

For Small Business - Chооѕing thе right сrеdit саrd рrосеѕѕing company dоеѕn’t hаvе to bе diffiсult. Stаrt with a few ѕimрlе questions. Cаn they wоrk with mу buѕinеѕѕ? Do thеу fit in with mу process, еxiѕting technology etc.? What will I bе charged?Do thеу fit in with mу process, еxiѕting technology etc.? What will I bе charged? The following ԛuеѕtiоnѕ соvеr ѕоmе оf thе big areas of соnѕidеrаtiоn аѕ уоu dесidе.

Amex Chargeback Reason Code F10 - Missing Imprint

An issuer received a complaint from the cardholder that he did not participate in the purchase and merchant did not provide the copy of an imprint of the card. A card-not-present transaction does not qualify for this chargeback reason code. The cardholder can dispute the transaction within 120 days from the transaction processed.

MINIMUM CHARGEBACK AMOUNTS FOR VISA CARDS

Although chargeback is a facility provided to a customer by issuing bank to raise a request for a refund, the customer/cardholder cannot raise/request a chargeback for every purchase. Every card network has its own set of rules that define minimum requirement to initiate a chargeback request.

Mastercard Chargeback RC - 4834 - Same Account Information

Merchant has processed a transaction more than once with same account information. The issuing bank receives complaints that the same transaction was posted to the cardholder’s account multiple times. Processing duplicate transactions into the POS machine or electronically submitting same transactions to processor more than once is the main cause for this chargeback reason code. Merchant deposited order receipt of the same transaction to more than one acquiring banks.

Chargeback Reason Code - 4831- Bank Found Incorrect Transaction Amount

The buyer’s bank found incorrect transaction amount or account number mismatched with the posted information with them and the information on the order receipt. The transaction was processed with the incorrect account number, incorrect transaction amount and/or had an error while calculating transaction amount without cardholder’s permission or the merchant altered amount after the order was processed without notifying to the cardholder.

Mastercard Chargeback Reason Code 4812: Account Number Not on File

When the charged credit card number doesn’t match to the actual card number used by the buyer bank. If the merchant provides documentation such as the print of the credit card showing accurate credit card number, magnetic stripe reading evidence and authorization or proof of credit issued, the chargeback may be reversed. Carefully recording the card number, properly entering key or swiping the card through the terminal can reduce chargebacks.

Incorrect Transaction Amount or Account Number or Invalid Adjustment- RC -80

The buyer’s bank found incorrect transaction amount or account number mismatched with the posted information with them and the information on order receipt. Transaction was processed with incorrect account number, incorrect transaction amount and/or had error while calculating transaction amount without cardholder’s permission or the merchant altered amount after the order was processed without notifying to the cardholder.

Explanation of VISA Chargeback Reason Code 76

This chargeback occurs when a cardholder claims a debit on his credit card for a transaction that was supposed to be credited to his account. Or transaction amount on statement is different than the sales receipt. This chargeback may be reversed if the merchant can provide an affidavit verifying that the amount processed is similar to the amount listed on the sales draft or confirmation/proof that a credit was issued.

Visa Chargeback Reason Code 72: No Authorization

The buyer’s bank received a transaction for which the authorization was not obtained. The reasons of such code could be- not obtaining an authorization for a transaction or, for card present or obtaining it after the date of transaction. The buyer’s bank may only put a chargeback for the amount exceeding the transaction date. This chargeback occurs when goods and services did not obtain authorization for the particular transaction exceeding the goods and service’s Floor Limit.