Complete Chargeback Guide
Know all about chargebacks, why it happens, handling and review process. How it affects your business reputation and how to prevent it.
What is chargeback? Why it happen?
Chargeback is nothing but, a dispute raised by an end user and reported to their bank. It is a provision, provided by all the banks and card issuing networks to protect buyers from the online fraudulent payments or unauthorized payments.
As soon as cardholder files a chargeback, the bank reports the same to us and then, mypayverse initiate investigation procedure. If merchant fails to provide any proofs then, payment gets reversed back to buyers account.
It generally happened due to poor product quality or service or delivery experience. While, it can also be filed if customer find any unauthorized payment activities on their card.
How we handle it?
We consider chargeback as a high priority issue because of the risk involvement of both the customers as well as merchant’s bank and we follow below process to resolve it.
Notification
As soon as the chargeback gets filed, we will notify you via Email/Telephone about the particular payment details like payment ID, reason of chargeback and other details provided by banks.
Review Process
Once you get the notification about chargeback, review the transaction and revert back to us with the chain of events that took place.
In the case, if your customers have not been provided goods/services, review the status and let us inform that whether he/she willing to accept the goods/services or not.
If the goods/services have already been provided then, please share proof of deliveries, invoices and all other authorised details asked by banks, And we will represent the chargeback dispute on your behalf.
Generally, merchants have to represent chargeback with valid proof within specified TAT in the chargeback notification email, Failed to represent chargeback within a specified time-limit will lead to losing it automatically.