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Fraud

Types of Chargebacks

Each chargeback received a numeric code which is known as the “reason code”. Reason codes are just what they sound like, an identification code used to categorize why a transaction is being refuted by the card holder. These codes are given by the card issuer at the point of time that the customer disputes a given transaction. This system of codes helps both merchants and the payment acquirer to diagnose errors and improve overall customer satisfaction. Below is a generalized list of Visa and Mas

Chargebacks 101

Chargebacks are unfortunately a way of life for any merchant who accepts payments via credit or debit cards. A chargeback is a transaction which has been disputed by either the card holder or the issuing bank. Funds from a chargeback are immediately withdrawn from the merchant account to cover the cost of the transaction for the customer. There are many different reasons why a chargeback may be filed. Most commonly chargebacks are associated with fraud where a transaction was made without the card holder’s authorization.
 
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