Consumers who use a credit card or debit card to make purchases are protected by both local regulations and Visa and/or Mastercard international dispute resolution guidelines. Additionally, many financial institutions around the globe have Treating Clients Fairly (TCF) guidelines in place that protect consumers from malicious or unscrupulous online merchants, particularly those who specifically target the most vulnerable among us.
Most cardholders already know that they can dispute an unapproved or unauthorized transaction with their financial institution. These are called “Fraud” disputes. For example, if your card was lost or stolen and you see unexplained transactions on your account, you can immediately request your bank to reverse the charges. Visa and Mastercard require your bank to take that action to protect you from fraud. Even when you willingly make a purchase, you are protected in the event the product you order is not delivered or you receive something other than what was contracted.
However, few consumers are aware that it’s also possible to dispute transactions for goods or services you indeed agreed to purchase. These authorized transactions result in what is called a “Goods or Services” dispute.
Goods or Services disputes are often complex in nature since they usually are the result of a transaction that took place on a merchant’s website. Consumers have the right to chargeback transactions if nothing was received, something was broken and even if the purchases were made due to misleading advertisements. There is, however, a fine line between a subjective and objective explanation that must be carefully analyzed before a financial institution will accept a chargeback claim. Making the process even more difficult, Visa and Mastercard have each changed the guidelines for such claims multiple times over the last several years. This is why these are the most difficult and complex scenarios to represent to the bank.
The MyChargeBack team consists of subject-matter experts who are evaluated not only on their ability to master these guidelines, but also on their ability to successfully work with financial institutions across the globe to represent and recover money for cardholders.
The bank that issued you the card is known as the “issuing bank.” This is your bank. It has the responsibility to decide to raise a dispute (i.e., a chargeback) regarding a specific transaction. Your bank does not refund your money. Technically, its job is to represent you in communicating with both the merchant’s bank (the “acquiring bank”) and the merchant.
When your bank sees that you agreed to the terms and conditions of the transaction and authorized the payment, it will first refer you back to the merchant to attempt to negotiate a resolution on your own. That is when MyChargeBack steps in to provide critical assistance.
MyChargeBack will first analyze your case to ensure that it meets the minimum standards for submitting a chargeback request. These standards are considerably higher than those for a fraud-based chargeback, since you agreed to the purchase. Once your case has been accepted by our team, we will work with you to prepare all of the supporting documentation and evidence that your bank will need to process your claim. We will guide you through this process until the bank makes its final decision. The process is very nuanced, and we provide the shoulder, knowledge and experience that is required. You have consumer protection rights, but the merchant will fight for his as well. Merchants work with professional companies to assist them with claims for chargebacks. Isn’t it time for individuals to have access to the same level of expertise as well?
The MyChargeBack Group has cooperated with over 800 banks internationally on behalf of its clients. Our strategically-crafted arguments are presented in the language bankers understand. Our promise to you is this: We will invest 100% of our effort in your case and fight for you throughout the entire process.
The leader in credit card consumer advocacy.