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A credit card chargeback takes place when a credit card holder disputes a charge with
the credit card company (e.g. VISA) and the credit card company issues a chargeback
to the customer for the disputed amount and notifies the vendor that they have
issued a chargeback to the customer.
A cardholder can request a charge back for many reasons including, but not limited
to:
•Charges for undelivered goods
•Charges for goods or services different from what was ordered or if they received
the wrong quantity of the goods or services ordered.
•Charges for goods that were not timely delivered
In release 11i, we already have the functionality for the vendor to issue a chargeback
directly to the customer. The customer can however also request a chargeback from
the credit card issuer, so in release 12 - we are introducing the functionality for the
vendor to also be able to register and process a chargeback that a card issuer has
already issued to the customer.
Benefits:
•Reduce costs by automating the credit card chargeback process
If the vendor finds the chargeback to be valid, the vendor creates a credit memo to
credit the invoice with the amount charged back.
If the vendor can prove to the credit card company that the chargeback was not valid,
the vendor reverses the application of the credit card chargeback by:
•Finding the receipt
•Un-applying the credit card chargeback activity from the receipt. This automatically
reverses the negative miscellaneous receipt
•Restoring the original amount on the application line.
Accounting Entries:
If the vendor acknowledges the credit card chargeback, the vendor simply credits the
invoice by creating a credit memo for $25.