Chargeback Representment: What It Is and How It Works
Chargeback representment is a crucial process for businesses that accept credit card payments. It involves submitting compelling evidence to overturn chargebacks, which are disputed transactions initiated by the cardholder. In this article, we'll explain what chargeback representment is and how it works.
What is a Chargeback?
Before we dive into chargeback representment, let's first define what a chargeback is. A chargeback occurs when a customer disputes a transaction on their credit card statement and requests a refund from their bank. This can happen for a variety of reasons, such as fraud, billing errors, or dissatisfaction with the product or service.
What is Chargeback Representment?
Chargeback representment is the process of disputing a chargeback and providing evidence to prove that the transaction was valid. This is typically done by the merchant, with the help of a chargeback management service like ours.
It's important to note that chargeback representment is only applicable for first chargebacks. Second chargebacks, also known as arbitration, cannot be contested.
How Does Chargeback Representment Work?
Now that you understand what chargebacks and chargeback representment are, let's walk through the steps of how it works.
Step 1: Grant Us Access to Your Processor Portals
The first step in the chargeback representment process is granting us access to your processor portals. This allows us to view and manage your disputed transactions.
Step 2: Grant Us Access to Your CRM(s)
Next, we'll need access to your customer relationship management (CRM) system(s). This allows us to gather important information and evidence to support your case against the chargeback.
Step 3: Sync Disputes and Create Responses
Twice per week, we'll sync all disputes into your portal and create a response for each one. This ensures that we have the most up-to-date information and can provide a timely response to the chargeback.
Step 4: Automatic Submission of Response
Around 2-4 days before the due date, we'll automatically submit a response on your behalf. This gives you the best chance of winning the chargeback without any effort from your team.
Conclusion
In summary, chargeback representment is the process of disputing a chargeback and providing evidence to prove its validity. By following the steps outlined in this article, you can increase your chances of winning chargebacks and protecting your business from financial losses.
If you have any further questions about chargeback representment or need assistance with managing your chargebacks, please don't hesitate to contact us. Our team of experts is here to help you navigate the complex world of chargebacks and protect your business.