Pocket Guide to Solving Payment, Dispute, and Chargeback Puzzles - Part 2
- Peter Johnson
- Dec 28, 2023
- 3 min read
Wait a minute for your bookmarks!
You must have retained the 20 essential terms outlined in the beginning of our blog.
The journey is far from over!
Be prepared for more bookmarking as we introduce 20 terms you definitely need to remember.
Terminals that can be activated by cardholders operate without the need for a human to be present.. have grown in popularity.
Utilization of self-service kiosks such as gas pumps and ticket vending machines has increased.
Eg: I love eating out at restaurants with my friends.
I greatly enjoy dining out with my friends.
A card present transaction is when a cardholder makes a purchase in an actual store.
When making a purchase without being physically present, it is considered a card not present transaction. These kinds of transactions take place digitally and all that's needed to complete the payment is the card details.
The list of merchants whose payment processing rights have been cancelled by the acquirer is stored in Match List.
In EMV card-present transactions, responsibility for fraudulent activity shifts to whichever party is liable (the cardholder or merchant). This is referred to as EMV liability.
A transaction that is wrongly identified as being deceitful is known as a false positive.
AVS is a system of security that compares the billing address that a cardholder has given with the one that is held by the card issuer; this serves to reduce the danger of illegal transactions.
The issuer will verify the authenticity of a transaction by authorizing it, which also involves confirming there are enough funds/credit to make the purchase.
A Point of Sale (PoS) system is a combination of hardware and software that is used for processing and accepting payments via physical cards.
Subscription billing refers to a system of ongoing payments in which customers are billed periodically (e.g. monthly or yearly) to maintain access to a service or product.., can be counted as fixed expenses.
Electric bills, telephone expenses, charges for streaming services, and so on, can be categorized as fixed costs.
The act of formally submitting a payment request to a bank is referred to as presentment.
Late presentment occurs when a transaction is performed after the settlement process is completed.
Strong evidence consists of any information or documents that can confirm the legitimacy, approval, and proper completion of a transaction. It is submitted by the trader when challenged with a chargeback.
The Chargeback Monitoring Program keeps track of a merchant's chargeback activity every month. is something that all merchants should make sure to take advantage of.
Merchants should take advantage of the Visa Chargeback Monitoring Program.
The percentile of chargebacks a retailer is faced with every month is demonstrated by this ratio. The quantity of chargebacks is obtained by splitting the total figure of transactions completed by the amount of chargebacks.
An ODR platform provides a system-driven and rule-based process for settling customer complaints and issues related to digital payments with little or no manual intervention.
No Authorization means a transaction that was processed without obtaining the permission of the cardholder. This can lead to difficulties such as fraud or insufficient funds checks.
An issue with processing can be responsible for a transaction not being finalized effectively.
When a cardholder reports that their credit has not been processed, this suggests that they are expecting a refund or credit to be applied to their account but it has not yet happened. This could be due to a technical issue or because the merchant has been slow to process it.
Imitation Merchandise suggests that the acquired item was copied.
That concludes it for us!
We have uncovered forty pieces of the payment, dispute, and chargeback story.
As we approach the end of 2023, let us toast to what lies ahead in 2024 - efficient transactions, quick resolutions, and a dramatic reduction in chargebacks!
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P.S: Please let us know what you think the next subject should be in the comments section.
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