What is a chargeback?
Chargebacks are, in the simplest possible terms, the retroactive cancellation and refund of a charge made on your credit card or debit card. You request a chargeback from the bank that issued the card itself. But you can do so only under one of two conditions:
- You did not authorize the transaction, or
- The transaction was for goods or services that the merchant did not deliver as per a contract, receipt or some other written agreement
If you did not authorize a particular purchase, then you’re in luck. If someone stole your credit card or forged your signature on a receipt, its use constitutes fraud. In that case, you are automatically exempt from payment under the terms of the agreement you signed with the credit card company as long as you notify your bank in a timely fashion. Your bank will then approve your request for a chargeback and credit your account for the full amount of the transaction.
How can Recovery Experts help with Chargebacks?
Upon engaging the services of a good recovery firm, you will have to provide them with the following information:
- The names of all merchants, including the URLs of the domains, with whom there is at least one disputed transaction.
- A comprehensive list of all deposits and withdrawals processed with each merchant.
- A comprehensive list of the relevant credit card details for each transaction.
Their financial professionals will then review this material, chart an appropriate strategy and prepare the document you will submit to your bank. Should it be necessary, one of their experienced recovery agents will then join you in as many conference calls with your bank’s dispute department as are necessary. Their recovery agent will explain to your bank why it must initiate your dispute. In the event the merchant challenges your request, they will, of course, prepare a point-by-point response and continue to work with you in pursuing your case.
