Chargeback is the process of returning funds to the buyer's card from the merchant, if the buyer has provided sufficient evidence to consider this transaction fraudulent.
In the case of a chargeback, the merchant loses the sold goods, payment and commission fees, as well as a fine paid by the seller to the bank for each chargeback.
List of reasons for which a refund request can be submitted, if proven:
1. The cardholder did not receive the transaction details.
2. The transaction was not approved by the cardholder.
3. The account number does not match.
4. The transaction was processed more than once by mistake.
5. The transaction details were not printed.
6. The refund was not made at the request of the buyer.
7. Authorization was not made.
8. The buyer did not receive the goods or services.
9. The card was not used before its expiration date.
10. The services were not provided in full.
11. Error in the payment amount field.
12. The statement confirming the transfer is incorrect, incomplete or incomplete.
13. The payment was made for an incorrect amount.
14. The product is different from what was previously promised.
16. The transaction time is longer than set by VISA or MasterCard.
17. The buyer's signature was not received.
19. The signature on the card and on the invoice differ.
20. The seller changed the transaction amount without permission.
21. The seller knowingly participated in a fraudulent transaction.
22. Incorrect transaction date and time.
23. Disputed transaction made through a phone or email order.
24. The seller refused to accept the product back.
25. The transaction was not successfully cancelled (refund).
26. The buyer is dissatisfied with the product or service.
27. The transaction was accidentally approved by the issuing bank, but it later turned out that this was a mistake, for example, there were not enough funds or the card was already blocked.
28. If it turned out that the seller was incompetent.
Refund is a return of funds from the seller's account to the buyer's account, which is initiated by the seller himself. In this case, the bank or processing does not participate in resolving disputes between the seller and the buyer, they agree among themselves. The seller himself makes the decision on the refund, in this case he does not pay fines to the bank, but loses the commission for the transfer and conversion.
No one is immune from chargebacks, the seller strives to minimize both chargebacks and refunds. Subsequently, if the number of chargebacks exceeds the level allowed by the bank, the trading account may be closed. Therefore, if the seller is threatened with a chargeback, it is more profitable for the seller to get out of this situation by making a voluntarily refund. Even if he loses the goods, the funds received for the goods and the payment of commissions, then at least he does not pay a fine to the bank and does not spoil his reputation with a chargeback.
