Chargeback Guide
For a long time, we have felt that enabling frictionless transactions is a major problem and nobody seems to be doing it right.
For a long time, we have felt that enabling frictionless transactions is a major problem and nobody seems to be doing it right.
In simple words, chargeback is a dispute against a particular transaction raised by the cardholder (end-user), and reported to their card issuing bank. A chargeback is a provision by banks and card networks such as Visa & MasterCard to protect buyers from unauthorized or fraudulent payments. Once the cardholder files a complaint, the bank reports the same to KwikPaisa by JANGRAs and initiates an investigative procedure.
Understand About Chargeback Code from Different Financial Institution and Card Networks
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It is best to avoid any kind of chargeback, as banks and card networks can label your business as a fraudulent/high risk business, hampering your image. A customer has a timeframe of 120 days to file a chargeback, which means your sales are reversible for that time period.
A high number of chargebacks can lead to the banks holding remittances for the business as well. The worst case scenario could be a ban of online payment services imposed upon the business.
Chargebacks should be considered high priority issues due to the involvement of risk teams of both the customer’s bank as well as our partner banks.
Notification about the dispute. Review the chargeback. Share documents.
Banks generally provide a window of 7 working days to represent the chargeback. Failure to do so within the specified window will increase the number of chargebacks lost by you.
Most of the chargeback cases come up due to miscommunication. Few tips that you can keep in mind to avoid chargebacks.
Making sure the return policies are clearly mentioned on the website & Keep customers updated regarding the status of their order
Share tracking numbers, invoices and all other order related docs and references with your customers
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