(Released on November 18th, 2020)
Product Update Highlight Reel – Chargeback Reversal Enhancement
As part of our ongoing effort to make the chargeback process more transparent, admins will now be able to see chargeback reversals as credits against the corresponding order.
What is a chargeback?
Chargebacks are forced transaction reversals initiated by the cardholder’s bank.
For example: After a parent registers a player for your program, they may decide to cancel the registration after the deadline. If they contact their bank to dispute and cancel the charge rather than request a cancellation from your organization, this is called a chargeback. When this process is initiated, a fee of $35 is passed to your organization to cover the fee charged to Sports Connect by the bank as well administrative cost associated with disputing the chargeback on your behalf.
“Chargeback Reversals” work in favor of your organization/merchant. It is a method to dispute the chargeback and attempt to prove that the original charge from your organization was legitimate and accepted by the cardholder. Sports Connect has a team of experienced professionals to dispute chargeback attempts automatically on your behalf. Once a dispute has been filed it can take up to 60 days from the submission date for the credit card company to respond and rule on the disputed charge.
What the new enhancement means
When chargeback reversals are won, the reversal will now show as a completed credit card payment on the order. The payment description will show as a chargeback reversal.
This update follows another recent enhancement in which we started displaying new chargeback disputes within the order associated with the claim. Additionally, in the near future, we will be updating the fee summary section of the weekly invoice summary report to display chargeback details including fees and reversals.
For more information on the chargeback process, check out our FAQ.