VISA CODE REASON Reason Code V30 Services not provided or merchandise not received: Cardholder claims they did not receive the services or goods paid for. Reason Code V41 Cancelled recurring transaction. Reason Code V53 Merchandise not as described or defective: Cardholder says service/goods received were either defective, counterfeit or not as described Reason Code V57 Fraudulent multiple transactions: […]
How Can I Get Chargeback Help?
Merchants needing to augment internal staff and resources can choose to work with a third party vendor to reduce chargebacks. Some providers offer simple chargeback notifications to alert merchants to possible disputes. Other companies, such as Verifi, actually stop the dispute before it becomes a chargeback and allow the merchant to resolve the dispute directly. Merchants should […]
Managing Chargebacks: I Received A Chargeback; What Now?
Once you have received notification of a chargeback, you will also learn the reason for and type of chargeback. From there, you will need to take the proper steps, and in a timely fashion, respond to and manage the chargeback response process. Why do Chargebacks Occur? Methods for Managing Chargebacks TYPE OF CHARGEBACK REASON HOW TO […]
Chargebacks and Retrievals: How They Occur and How to Overcome This Expensive Challenge
Chargebacks and retrievals impact all merchants’ bottom lines, even though it is not always evident on the balance sheet. The challenge is that chargebacks and retrievals can both occur for a number of reasons, and many of them have little to do with fraud. What is important when dealing with this challenge is for businesses […]
How can Verifi help protect your merchant account?
Protect your merchant account with Verifi Verifi will protect your merchant account. Verifi offers merchant profit protection across all phases of the transaction lifecycle, from the moment a cardholder inquiry/dispute is initiated, to the point when chargeback representment is necessary after a merchant is hit with an unwarranted chargeback. This three-tiered approach to chargeback management includes […]
Does Verifi Offer Chargeback Insurance?
Verifi does not offer chargeback insurance at this time. What we do offer (and guarantee) is complete chargeback assurance. With Verifi’s award-winning Cardholder Dispute Resolution Network solution, you avoid being hit with painful chargebacks and the resulting costs of inadequate chargeback dispute handling. CDRN connects issuers and merchants on our secure network, routing cardholder-initiated disputes […]
How is Verifi Different? What is the Verifi Difference?
How is Verifi Different? What is the Verifi difference? Verifi’s Total Chargeback Management Platform is the only solution available that can offer a proven chargeback management process, bringing significant benefits to all parties at every stage of the transaction lifecycle. Other solutions operate through open-loop workflows or rely heavily on a combination of outdated and […]
How does CDRN® work?
The Cardholder Dispute Resolution Network (CDRN) addresses the costly chargeback process for merchants. In the traditional chargeback process, the cardholder will typically (86% of the time) bypass the merchant in favour of the issuing bank. By the time the merchant is made aware of the chargeback, it’s too late—the chargeback has occurred, and the opportunity to […]
Tips To Avoid Chargebacks and Retrievals
Chargebacks and retrievals can seem expensive and complicated for any business, but they do not have to be. Depending on how your business manages, processes and accepts payments, avoiding costly chargeback mistakes is possible. To start, some chargebacks are unavoidable, but many chargebacks can be avoided, as can the costly expense of managing this fast growing problem that […]
Preventing Chargebacks and Retrievals – For Merchants
Preventing Chargebacks The first step of preventing chargebacks is to stop letting retrievals turn into chargebacks. Because many retrievals are not managed properly, the end result is unnecessary and expensive chargebacks. To prevent this from happening, merchants should ensure they are following proper payment processing rules. Merchants should also be equipped with the proper transaction […]
