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Chargeback Process Explained

Everything You Need to Know about a Chargeback

Have you noticed a strange purchase on your credit card? Did you order something online and didn’t get it? Did you pay for a certain item and got a different one instead? Did someone steal your card and used it to buy a yacht?

Don’t worry! You can get your money back and we’re here to tell you how.

What is a chargeback and why would you need it?

A chargeback is basically a money return to a payer of a transaction. It exists mainly for consumer protection. There are several situations in which you might need a chargeback:

  • If you fallen victim of a true fraud. Which means an unauthorised charge was made on your credit card by a scammer or an identity thief.
  • A merchant error. This type of chargeback happens when the merchant made a mistake such as shipping product to the wrong address or shipping the wrong item.

Did this happen to you? Don’t freak out, we can help! Reach us at [email protected]

Who participates in the chargeback process?

Have a look at the flow diagram below to get an overall understanding of the chargeback process:

  1. The cardholder / the customer

They are not necessarily the same individual. The cardholder is the real owner of the card used in the transaction. whereas the customer in the person who made the purchase.

  1. The merchant

The individual or the company that sold an item or a service to the customer.

  1. The issuing bank (also known simply as an issuer)

A bank that issues the branded credit card to the cardholder.

  1. The acquiring bank (also known simply as an acquirer)

The merchant’s bank. It basically processes the credit card payments and allows the merchant to get those payments from the issuer within an association.

  1. The credit card network

The association that provides a communication system between the merchant and an issuer to complete a transaction. The four dominant credit card networks in the U.S are Visa, American Express, Mastercard and Discover.

Is there a time limit?

The short answer is yes.

Well, if you, as card holders, want to file a dispute- you have generally 120 days to do so after the transaction has been made.

You should know that the merchants don’t have the same privilege. They must deal with a shorter turnaround window (usually 30 days).

Even though it seems unfair, those limitations benefit all the parties involved in the process. They are here to make sure that disputed transactions get settled fast and the money goes to the correct party.

Running out of time? Don’t know where to start? Contact us at [email protected]

What about non- refundable charges?

Can you, as card holders, file a chargeback on your credit card deposit? Yes, you can. However, it’s not that easy to win the dispute.

All you need is, of course, a valid claim. For example:

  • If you never authorised a non-refundable payment.
  • If the merchant is unable to provide the product or service connected to that deposit.
  • If you were promised a refund for that payment and the merchant refuses to do so.
  • The amount of money you paid for the deposit was eventually higher than the charge for the products or services provided.

In case of a non-refundable deposit- it’s not easy to get your money back. However, it is not impossible.

Something happened and it is beyond your control? COVID? a hurricane? Check the company’s refund policy. You might get your deposit back.

Do you have any questions? Don’t hesitate to ask us at [email protected]

So how does it work?

Well, they will do everything in their power to convince you to make the initial minimum deposit. They will lure you by promising the moon: “We will double that initial deposit within 24 hours!” and so on.

After they succeed with the initial deposit, they will try to get more money out of you using the help of more experienced scammers. It doesn’t end. However, you can make it end even if you fall victim to their empty promises.

Did that happen to you too?

How to get your money back?

It would be best if you did a few things to get your money back.

*Maintaining contact with the scammers can be vital if you would decide to get help from us to learn more

  1. Submit a withdrawal request (in writing) ASAP!

Always remember that they don’t want to give you your money back, but they won’t tell you that. They will DELAY. They will hold back the withdrawal process for months for different excuses.

Know that after six months, you won’t be able to perform a chargeback!

  1. File a chargeback

You had to submit the withdrawal request in writing to prove that you’ve tried to ask for your funds back, yet, they refuse to do so, or it’s delayed for far too long.

This option is valid only if you paid with your credit or debit card.

Performing a chargeback allows you to kill two birds with one stone:

You are more likely to get your money back, and the broker gets hurt.

Firing many chargebacks wrecks their relationship with the payment service providers.

 Want to learn more about a chargeback? Contact us for more information.

  1. If you sent them a wire- you must attack it from a different angle:

Unfortunately, you can’t perform a chargeback. But don’t worry, there are still ways for you to get back what’s yours.

Threat them that you will go to the authorities and unless they give you your money back you will file a complaint against them.

If that doesn’t work- be a man of your word! write an email or a letter to the regulating agency for forex brokers in your country (Google it). Tell them everything that happened, how they conned you, and about your hard-earned money they won’t give back.

But before you send it, give it one last chance and send the letter to the broker; let them know that unless they refund your money- you will send it to the regulating agency.

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