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What Are Your Credit Card’s Chargeback Terms?

Posted on July 14, 2016January 15, 2021 by Business Success

 

Chargeback protection for ecommerce

The photos are amazing. in fact, looking through the pictures of the family vacation earlier this summer can also make you forget the financial debacle that occurred. Almost, but not quite.
The Alaskan vacation had been on your family calendar for almost ten months. It seems that ten months is necessary any more to get your small family of four to commit to traveling together. With one daughter starting high school in a few months and the other daughter starting college, the work, school, and athletic practice schedules are intense. Everyone agreed, however, that a great way to celebrate this last summer with everyone still in the same house was a trip to the Land of the Midnight Sun. With the promise of seeing the longest day of the year in a location that would never turn dark, the family began scheduling the days.
The oldest daughter wanted to make sure that the family took a float plane tour of the area around Anchorage, Alaska. The soon to be high school daughter wanted to make sure that the vacation included a visit to at least one glacier. Dad wanted to make sure that the family took a full day ocean cruise that could highlight the heights of the mountains and the expanse of the water in one of the most beautiful locations on the planet. As the mom, you were happy with any plan that allowed you to spend time together. Camera in hand, you were ready to document both the tightly scheduled and unexpected parts of the trip.
What the planning did not take into account, however, was the hotel room that was completely unacceptable. A room that was still in the progress of being remodeled in a hotel that was otherwise completely booked, was the first snag. The property managers were quick to find you another even better location, but the problem was the payment processing service that the hotel used. Swiping a card for the first property, the charge for the ten day stay was charged to your card. The new second property was also charged.
It was not until the last day of vacation that the first hotel admitted that it could take up to 14 days for the chargeback credit card transaction to process. In the meantime your family felt the consequences of paying for the lodging of their dream vacation not once, but twice. Luckily, many of the day trips and tours had been paid in advance, but the double hotel charge wrecked a good deal of the relaxation that you expected from this family vacation.
How Fast Does Your Business Process Client Chargeback Credit Card Transactions?
Travel can be both exhausting and expensive. Even the most exciting vacation destination that has been scheduled and budgeted for months can turn into a financial nightmare if the payment processing system does not function properly. Waiting for chargeback credit card transactions to process can be especially frustrating for a family that is tightly budgeted for their week away from home.
The term chargeback refers to the return of funds to a consumer. although this process is mostly used in the U.S., it can also be forcibly initiated by the issuing bank of the card and can be used by a consumer for debt settlement purposes. This term is often used when a customer is trying to get a company to reverse a prior outbound transfer of funds from a consumer’s bank account, line of credit, debit, or credit card.
And while many customers base their satisfaction on the goods and services a company provides, business reputations can be damaged when secure payment processing systems are breached or when chargeback transactions are delayed. In today’s competitive travel industry, for instance, clients find it completely unacceptable to wait three months for a rental car or hotel over charge or accidental charge. Businesses who offer fast chargeback transactions indicate they care about their clients and want them back as return customers. Nearly 50% of America’s digital buyers are expected to make mobile payments for purchases in the near future, but remain fearful of card fraud that totals $8 billion annually. Extensively delayed chargeback credit card transactions may make your current customers select a different company for their future online purchases.

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