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A cardholder or card issuer can place a dispute on a transaction, resulting in a chargeback. There are many reasons for chargebacks, but the most common are returned goods, cancelled services, quality disputes or processing errors and fraud.
Chargebacks may incur additional charges for your business, therefore it’s important to know how to minimise the hassle and cost of chargebacks in the future.
Frequently Asked Questions
If you receive a chargeback notification or chargeback retrieval request you must reply to this as quickly as possible. We will assist you in every possible way to defend a chargeback. You should proceed as advised in the notification letter and provide as much supporting documentation and information relating to the disputed transaction as possible within the timeframe stipulated.
Checklist1. Keep a record of your sales receipt2. Ensure sales receipts are legible3. Make sure transactions are easy to identify4. Respond with in the specified timeframe5. Provide all transaction related information you possess
After being notified by a cardholder about a disputed transaction, the cardholder's issuing bank may order a copy of that particular sales draft through Merchant Services to determine what occurred at the point of sale - this is called a copy request or retrieval.
A retrieval request most often occurs when a cardholder loses their copy of the transaction receipt, does not remember the transaction or questions the transaction for any reason.
A retrieval can be requested by the cardholder's issuing bank for up to 18 months from the sale date, therefore it is crucial that you keep your receipts for this time frame. When a copy of the transaction receipt is requested, you will receive a retrieval request notice.
You must supply a legible copy of the transaction receipt along with any supporting documentation such as a credit draft, if one was issued. During the retrieval process, the disputed amount remains in your deposit account.
It is very important that you always respond in a timely manner when a retrieval request takes place.
If the retrieval request is not acted upon quickly, or you provide an illegible sales draft, it may evolve into a chargeback, at which time your account will be debited for the amount of the disputed transaction.
Unfortunately, if you do not respond to a retrieval request you may not have any representment rights once a chargeback is issued and additional fees may be assessed.