Deadline Extended for Merchants to Claim Payouts from Visa & Mastercard Swipe Fee Settlement
Chargeback Gurus Blog
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6d ago
­­­Merchants across the United States have been granted additional time to file claims in a monumental $5.5 billion settlement with Visa and Mastercard. The deadline to submit claims has been extended from May 31 to August 30, 2024, providing a crucial window for businesses to seek compensation for allegedly excessive interchange fees charged over a 15-year period. With the new deadline in place, it is essential for eligible businesses that haven’t yet submitted a claim to understand the process and act promptly to ensure they receive their share of the settlement. Background The Visa-Masterca ..read more
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What We Know About Mastercard First Party Trust
Chargeback Gurus Blog
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3w ago
In response to the growing threat of first-party misuse, also known as friendly fraud, Mastercard is introducing a new program called First-Party Trust. Similar to Visa’s CE3.0, this initiative is aimed at providing enhanced transaction transparency to combat fraudulent chargebacks. The Rising Threat of First-Party Misuse First-party misuse presents a significant challenge for businesses of all sizes. Unlike traditional forms of fraud where criminals steal cardholder identities to make unauthorized purchases (third-party fraud), first-party misuse involves cardholders disputing legitimate tran ..read more
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Payment Orchestration 101
Chargeback Gurus Blog
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2M ago
Amidst the continued proliferation of alternative payment methods, payment orchestration has become a more prominent strategic component for many businesses. It empowers merchants to seamlessly integrate, manage, and optimize payment operations across various sales channels, devices, and geographic regions. But how does it all work, and how can merchants best take advantage of payment orchestration for their business? What is Payment Orchestration? Payment orchestration is the management and optimization of diverse payment channels, methods, and providers within a unified framework. It involve ..read more
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Understanding Your Credit Card Decline Codes
Chargeback Gurus Blog
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2M ago
Table of Contents What Are Credit Card Decline Codes? List of Credit Card Decline Codes What’s the Difference Between a Hard Decline and a Soft Decline? Emerging Trends in Credit Card Decline Prevention What Does Decline Code 51 Mean? What Does Decline Code 05 Mean? What Does Decline Code 91 Mean? A credit card being declined is never a fun experience. Many customers feel both a sense of frustration at the delay in making their purchase and a sense of embarrassment, worrying that anyone around might assume they're someone who spends money recklessly. Merchants know, however, that there are ..read more
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The Three Types of Payment Reversals
Chargeback Gurus Blog
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2M ago
As much as they might prefer otherwise, every merchant had to deal with payment reversals now and then. Mistakes happen, and when a merchant fails to deliver what the customer paid for, it's their duty to provide a refund. In other cases, merchants may choose to reverse a payment after an error in processing, or simply to satisfy an unhappy customer. Of course, these kinds of payment reversals are voluntary, but there's another kind that isn't: chargebacks. Each type of payment reversal has its own rules, restrictions, and costs. In order to make sure their businesses operate with maximum effi ..read more
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Choosing a Chargeback Vendor
Chargeback Gurus Blog
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3M ago
In the fast-paced realm of commerce, businesses encounter a myriad of challenges, and among the most pervasive is the issue of chargebacks. If not managed effectively, these can turn into a significant headache for merchants and lead to significant revenue loss. In the face of this, many companies decide that contracting the services of a chargeback vendor is the best solution. However, not all chargeback management companies are alike, and selecting the right vendor is crucial for long-term success. Factors to Consider When Choosing a Chargeback Vendor With numerous vendors offering a range o ..read more
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When to Accept a Chargeback
Chargeback Gurus Blog
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3M ago
Chargebacks aren’t just an unavoidable cost of doing business. With the right techniques and strategies, many of them can be prevented, and many more can be fought through representment to recover lost revenue. However, representment isn’t the right choice for every chargeback. For many businesses, knowing when to fight and when not to can help make their chargeback management strategies more efficient and reduce overall costs. To Fight or Not to Fight? When faced with a chargeback, the first step for merchants is to assess the available documentation pertaining to the transaction under disput ..read more
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Luxury Goods Chargebacks
Chargeback Gurus Blog
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3M ago
Luxury goods merchants operate in a realm where quality, exclusivity, and prestige are paramount. However, amidst the opulence and allure of luxury, there exists a persistent threat that can undermine even the most illustrious brands: chargebacks. In this article, we delve into the critical importance of chargeback management for luxury goods merchants, exploring the nuances of this issue, its impacts, and strategies for effective mitigation. The Importance of Chargeback Management for Luxury Goods Merchants Chargeback management is not merely a matter of financial prudence for luxury goods me ..read more
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Digital Content & Streaming Chargebacks
Chargeback Gurus Blog
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3M ago
Digital content merchants operate in a dynamic landscape where the convenience of online transactions comes with its own set of challenges. One significant hurdle faced by these merchants is the issue of chargebacks. Understanding chargebacks and how to mitigate them is crucial for maintaining profitability in this increasingly competitive industry, so let’s discuss this common problem and its potential solutions. Common Causes of Digital Content & Streaming Chargebacks Chargebacks in the digital content industry can stem from a variety of issues. Recognizing and understanding the most com ..read more
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Chargebacks in the Health & Wellness Industry
Chargeback Gurus Blog
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4M ago
In the health and wellness industry, merchants face many challenges that can impact their bottom line, and one such challenge is the occurrence of chargebacks. Understanding how to fight and prevent chargebacks is crucial for maintaining financial stability and revenue growth, especially in an industry with higher rates of fraud and disputes. Let's take a closer look at health and wellness chargebacks and explore how merchants can address this growing problem. Why Chargebacks Happen A chargeback occurs when a cardholder disputes a transaction with their issuing bank, leading to the reversal of ..read more
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