What is a POS machine chargeback? How to deal with the refund?
First, what is the "return order"? What is called "re-payment"?
The return of the order means that the issuing bank still has doubts about the original credit card transaction after the merchant and the acquiring institution provide the relevant billing information, so the merchant and the acquiring institution are refused to pay the transaction amount. And then the remittance, that is, after the merchant receives the refusal notice from the issuing bank, it can provide the transaction card with valid transaction vouchers and request for re-payment according to the fact that the transaction is true and valid.
Second, what conditions can exercise your right to re-claim? Contains but is not limited to the following three situations:
A. Before the order is placed and the order is returned, the items purchased by the consumer have been returned or refunded;
B. The issuing bank determines that the first purchase order is unclear and cannot be identified. The merchant can re-provide a clear and valid purchase order or other payment certificate;
C. The issuing bank determines that the materials provided for the first time are insufficient or have the possibility of being false. The merchants can supplement the provision of other auxiliary materials to confirm that the transaction is true and effective;
Third, how to use the right to re-claim?
Note: After all, please pay for the condition, so pay attention to it.
If the returned merchants meet the conditions for re-payment, they can generally exercise the right of re-invoicing to the acquiring institution and card issuer within 5-7 natural days. The specific process is as follows
First, the need to make a re-inquiry to the acquiring institution.
Then, submit the corresponding voucher file to the card issuer. Within the specified time limit, the merchant shall, as far as practicable, provide all documents or documents (such as return agreements, transfer vouchers, etc.) that can confirm the true and effective transaction, in order to increase the probability of successful re-payment. Among them, the POS purchase order signed by the cardholder himself is most effective;
If the time limit of the acquiring institution has been exceeded, it is still within the maximum time limit prescribed by the issuing bank. In addition to the above-mentioned valid transaction vouchers, the cardholder’s handwritten signature consumption agreement must be provided, and the cardholder’s ID card is positive and negative. A copy of the three materials of the bank card.
Remarks: If the time provided by the merchant exceeds the maximum time limit set by the bank, the merchant will lose the corresponding right to claim and bear the economic responsibility that may arise. The merchant's re-payment amount must be less than or equal to the refund amount.
Fourth, regarding the return of funds.
After the expiration of the time limit for the issuance of the card issuer or the time limit for the issuance of the order, the transaction that has not been refused by the card issuer will be returned by the acquirer.
Key note: Since the card issuer requires all documents to be submitted within the specified time, if you have any strong documents that object to the return, please be sure to reply to the acquirer as soon as possible. If the timeout expires and the card issuer has made a strong decision against the cardholder, no further documents will be reviewed.
At the same time, the acquiring institution can only work hard on your behalf to cancel the refund, and the card issuer is the party that is ultimately responsible for determining the outcome of the decision! It can be seen that in daily transactions, the importance of retaining the purchase order is ok! Small tickets are generally required to be kept for two years! !
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