As a business owner, one of the most frustrating aspects of accepting credit card payments is the possibility of chargebacks. Chargebacks occur when a customer disputes a transaction, and the credit card company refunds the customer’s money, leaving you without the sale and potentially losing money on fees. Chargebacks can happen for a variety of reasons, and each reason is assigned a specific code. In this blog, we will provide a complete list of credit card chargeback codes and what they mean.
Reason Code 30 – Services Not Provided or Merchandise Not Received This code is used when a customer claims that they did not receive the goods or services they paid for.
Reason Code 41 – Cancelled Recurring Transaction This code is used when a customer claims that they cancelled a recurring transaction, but the business continued to charge them.
Reason Code 53 – Not as Described or Defective Merchandise This code is used when a customer claims that the product they received was not as described or was defective.
Reason Code 57 – Fraudulent Multiple Transactions This code is used when a customer claims that their card was used fraudulently multiple times.
Reason Code 62 – Counterfeit Transaction This code is used when a customer claims that their card was used to make a purchase with a counterfeit card.
Reason Code 63 – Card Not Present Transaction This code is used when a customer claims that their card was used fraudulently in a card-not-present transaction.
Reason Code 71 – Declined Authorization This code is used when a customer claims that a transaction was declined, but the business processed it anyway.
Reason Code 72 – No Authorization This code is used when a customer claims that they did not authorize a transaction.
Reason Code 73 – Expired Card This code is used when a customer claims that a transaction was processed with an expired card.
Reason Code 74 – Late Presentment This code is used when a customer claims that a transaction was processed after the specified timeframe.
Reason Code 75 – Transaction Not Recognized This code is used when a customer claims that they did not recognize a transaction on their statement.
Reason Code 76 – Incorrect Currency or Transaction Code This code is used when a customer claims that a transaction was processed in the wrong currency or with the wrong transaction code.
Reason Code 80 – Incorrect Transaction Amount or Account Number This code is used when a customer claims that a transaction was processed with the wrong amount or account number.
In conclusion, chargebacks can be a headache for any business owner. By understanding the specific reason codes, you can better identify why a chargeback occurred and take steps to prevent it in the future. Remember to keep detailed records of transactions and communicate clearly with your customers to avoid any misunderstandings that may lead to chargebacks. With this complete list of credit card chargeback codes and what they mean, you can be better prepared to handle chargebacks if they occur.
