Running a business comes with many challenges and charge-backs shouldn’t be one of them. So, are you protection against charge-backs? Is your processor covering you against eligible charge-backs, free of charge, so that you can continue focusing on what matters most for your business.
Now, here is the problem, after October 2015, if you swipe the magstripe on the back of a chip card instead of dipping the chip, you could be liable for certain kinds of fraud instead of your bank or the card issuer. Square doesn’t want you to be liable. So processors are scrambling to create a new chip card reader for their clients that uses squares that will lets you accept the latest, most secure ways your customers want to pay.
Here is how they describe a charge-back. A charge-back is created when a buyer contests a card payment with their card-issuing bank. Perhaps the customer didn’t recognize the charge or felt the quality of goods or services was not as advertised.
Now, if there's a fraudulent transaction, the processor notifies the seller of the charge-back via email and by posting a notification on the seller’s dashboard. The processor then begins the investigation by asking the seller for information and supporting documentation about the transaction.
Now, if there's a fraudulent transaction, the processor notifies the seller of the charge-back via email and by posting a notification on the seller’s dashboard. The processor then begins the investigation by asking the seller for information and supporting documentation about the transaction.
You’ll have 7 days to submit your response to our Information Request Form found in the notification email and on your Square Dashboard. If your information is received and it is determined that further documentation is needed, they will request it via email.
Charge-back Protection is offered if,
- They determine you followed best practises for accepting cards
- The cumulative charge-back is within your $250 monthly coverage.
Therefore, if your charge-back is covered you will not be liable for the charge-back amount, regardless of the outcome. Once a final resolution is made they will notify you via email for your records. Charge-back Protection guards sellers against eligible charge-backs. however, it does not apply when sellers decide to issue refunds in the ordinary course of business.
How much are you covered each month? You are eligible for $250 of coverage for charge-backs each month. You must respond to the Information Request Form they send you and describe the goods or services sold in order to be eligible for coverage. Here are seven thing you should know for a charge-back to be eligible for coverage,
How much are you covered each month? You are eligible for $250 of coverage for charge-backs each month. You must respond to the Information Request Form they send you and describe the goods or services sold in order to be eligible for coverage. Here are seven thing you should know for a charge-back to be eligible for coverage,
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