Chargeback Reason Code
In general, chargeback is a process for protesting a payment from an acquiring bank and return it to a client’s card account. The initiator of such a procedure is usually the car owner, but it can only be launched by the bank which issued the card in accordance with a strictly regulated procedure.
The participants of the process of payment protest are:
- a consumer of services (a client of a store, an investor, etc.) and his bank;
- trade and service company and its acquiring bank;
- international payment service of the contested transaction.
The main reasons for complex transactions are categorized and have the appropriate codes.
So, there are numerous reason codes that are used for identifying the core reasons for a chargeback and allows to easily identify the problem.