A Detailed Description of Mastercard and Visa Chargeback Reason Codes
Each chargeback is accompanied by a reason code. These numeric codes differ by card network, but all theoretically serve the same purpose: to describe the motivation behind the transaction dispute.
Chargeback Reason Code 41: Cancelled Recurring Transaction
Each of the major credit card companies have their own set of chargeback reason codes. These reason codes — like Visa chargeback reason code 41 — are used to explain the cardholder’s grievance and help the merchant understand what led to the chargeback.
Chargeback Reason Code 53: Not as Described or Defective Merchandise
Chargebacks are designed to give card users peace of mind while buying services and merchandise with their credit cards. Visa chargeback reason code 53 is one example of the explicit ways in which chargebacks protect consumers and ensure accountability of merchants.
The payment processing industry is constantly evolving and changing. New technologies and policies can quickly make previous practices outdated.
As of April 2013, Visa has discontinued the use of Visa chargeback reason code 60.
Price-Match Scam Targets Retail Giants Walmart and Amazon
Since the popularity of eCommerce shopping has skyrocketed, brick-and-mortar stores have struggled to compete. Recently, Walmart found a creative way to stay one step ahead of Amazon—their primary competition.
Chargeback Prevention: Reduce Key-Entered Transactions
For business owners with a brick-and-mortar store, chargeback prevention is fairly easy. Chargeback rates tend to be much lower for transactions made at a physical store rather than online.
Preventing Chargebacks with Code 10 Authorization Request
Credit card fraud can occur in both card-present and card-not-present transactions. Generally, card-present transactions, which occur face-to-face, have lower rates of fraud--which means that fewer chargebacks result.
When Your Marketing Causes Chargebacks
Marketing is an essential element for any business's success, but an ineffective tactic can just as easily become a liability instead of an asset. It's important for businesses to understand how bad marketing causes chargebacks and revenue loss.
The Correlation between Social Media and Chargebacks
Social media not only shapes the way we interact with friends, it also impacts the way we do business. For this reason, business owners and marketing professionals need to be aware of how social media can help or hinder chargeback management.
Chargebacks Associated with Counterfeit Transactions
Many chargebacks are the result of fraud. However, there are certain actions, or lack thereof, on the merchant’s part that can lead to disputes.
Counterfeit transaction chargebacks are usually a combination of these two factors.