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Whenever a customer files a chargeback claim, they need to explain to their credit card company why they are doing so. These reasons are known as chargeback codes. There are four main chargeback codes: quality, clerical, technical, and fraud.
Quality covers things like receiving substandard or faulty products. It also covers cases where the customer never received their purchased item.
Clerical chargebacks include duplicate billings, over-excessive service charges, and non-issued refunds.
Technical chargebacks may be filed if the customer doesn’t have enough credit remaining on their card for the purchase to go through or if there was a processing error during the transaction.
Lastly, and most commonly, fraud chargebacks apply when someone else made a purchase using the customer’s card. As you can likely already guess, these chargebacks are the most common because they are very difficult to disprove. Quality chargebacks are also fairly common, although these are slightly easier to dispute in many cases.
Is my business considered high risk?2022-12-15T08:20:38+00:00
A high-risk merchant is a business that carries more risk for banks and payment processors. High-risk merchants have unique needs that are different from traditional or low-risk merchants. TailoredPay has the tools, resources, and expertise to provide high-quality payment processing services to high-risk merchants.
What are high-risk merchant accounts?2022-12-15T08:25:08+00:00
A merchant category code (MCC) is a four-digit number that is assigned to merchants. MCCs are defined in the ISO 18245 standard. The codes can be used for classifying merchants and transactions, tax reporting, tracking spending (e.g., points programs), and other payment processing workflows.
How much does a merchant account cost?2022-12-15T08:25:51+00:00
The cost of a merchant account will depend on your business type, monthly sales volume, and average transaction size. Typically, high-risk merchant accounts come with higher fees than traditional merchant accounts.
What supporting documents are required?2022-12-15T08:26:25+00:00
The exact rate will vary depending on the classification of your business (low, medium or high-risk). Once you complete our online application, you will receive an instant quote via DocuSign. We always try to save our merchants money on payment processing fees by eliminating miscellaneous fees.
A chargeback occurs when a cardholder disputes a transaction on their account. When this happens, the bank that issued the credit card investigates the matter on behalf of the cardholder.
Upon discovering a fraudulent transaction, the issuing bank returns the funds to the cardholder. If a merchant cannot prove that the transaction is legitimate, the processor will subtract the amount of the transaction in question from the merchant’s bank account.