What Are Chargebacks?
If you have ever gotten a refund from a credit card transaction, you are already familiar with what a chargeback is. A chargeback is a return of charges onto a credit card after a transaction has been made. A chargeback is done to correct an erroneous charge to resolve a dispute or to deal with merchant fraud or crypto fraud.
Broker Dispute professionals can guide you through the chargeback process. Our experts have extensive experience with the financial industry and understand the chargeback process well. We assist thousands of clients every year and have a proven track record of success for resolving disputes and cracking down on all types of fraud.
If you have noticed unauthorized charges on your credit card, it is important to take care of the issue right away. The more time passes, the lower the odds are of resolving the issue in a way that is favorable to you. Credit card banks, or issuing banks, often try to be helpful, but sometimes they just want to avoid complex disputes and will tell you to seek legal services.
It should be kept in mind that issuing banks are working on behalf of the credit card companies that may want to provide good service for customers but also have to keep their merchants happy. If you are finding that the issuing bank is slow in approving a chargeback, seek assistance from the professionals at Broker Dispute who can help the chargeback process go more smoothly and with a greater chance of a favorable result.
When Do You Need a Chargeback?
Types of Chargebacks?
The following are the most common categories of chargebacks:
- Unauthorized charges due to error
- Unauthorized charges due to credit card theft (either the card or just the information)
- Request for a refund
- Alleged merchant fraud
- Credit card fraud
The complexity of these types of chargebacks depends on how willing the merchant is to be involved and to consider making the chargeback. The more intensely the merchant disputes the proposed chargeback, the longer and more complicated the process can be. If the merchant disappears, as in the case of many types of fraud, including crypto fraud, authorities and seasoned professionals like Broker Dispute should be involved to track down the fraudsters.
To be successful in obtaining a chargeback, it is important that the client have an advocate. In the case of a chargeback dispute, the issuing bank acts as the final arbiter of whether or not the money is going to go back to the client. The merchant has its merchant bank to act as its advocate. This means without professionals to represent your position, you may be outnumbered.
The issuing bank wants its credit card company to work on behalf of both customers and merchants. Without an advocate or experts like Broker Dispute, the chargeback process for consumers is like going to court without a lawyer when the other side has a top legal team. This analogy is meant to illustrate the importance of not pursuing the chargeback process alone.