Let's analyze the performance of Chargeback with MasterCard
What is a chargeback, and how to implement it correctly, you can find out in this article. Below we will talk about the chargeback in the MasterCard system.
MasterCard Worldwide or MasterCard Inc. is an international payment system founded in 1966. It unites 22 thousand financial institutions in 210 countries of the world. MasterCard's main competitor is Visa. The main headquarters of the company is located in New York, USA. In 2015 MasterCard's share in the world is 20% of the payment market. The share of Russia is 35% with a total of 80 million issued cards. Website: www.mastercard.com
MasterCard cardholders account for about 40% of refund requests from unscrupulous Companies. MasterCard IPU in May 2018 stated that there had been an increase in applications from clients of illegal brokerage companies, and in updates dated December 13, 2018, forex companies were separated into a separate category of Business Risk Assessment and Mitigation, BRAM. Such companies are marked as credit card acceptors with the code 6211. This somewhat changed the positioning of the initiator of the chargeback procedure.
The most common question appeared: is it possible to return money on MasterCard cards? Let's answer with confidence - it is possible.
The Chargeback Guide from December 13, 2018 is available only in English, to read the document in full, you will have to turn to a careless Google translator or an experienced specialist. This is a big disadvantage of MasterCard for the Russian-speaking population.
What is a chargeback, and how to implement it correctly, you can find out in this article. Below we will talk about the chargeback in the MasterCard system.
MasterCard Worldwide or MasterCard Inc. is an international payment system founded in 1966. It unites 22 thousand financial institutions in 210 countries of the world. MasterCard's main competitor is Visa. The main headquarters of the company is located in New York, USA. In 2015 MasterCard's share in the world is 20% of the payment market. The share of Russia is 35% with a total of 80 million issued cards. Website: www.mastercard.com
MasterCard cardholders account for about 40% of refund requests from unscrupulous Companies. MasterCard IPU in May 2018 stated that there had been an increase in applications from clients of illegal brokerage companies, and in updates dated December 13, 2018, forex companies were separated into a separate category of Business Risk Assessment and Mitigation, BRAM. Such companies are marked as credit card acceptors with the code 6211. This somewhat changed the positioning of the initiator of the chargeback procedure.
The most common question appeared: is it possible to return money on MasterCard cards? Let's answer with confidence - it is possible.
The Chargeback Guide from December 13, 2018 is available only in English, to read the document in full, you will have to turn to a careless Google translator or an experienced specialist. This is a big disadvantage of MasterCard for the Russian-speaking population.
MasterCard chargeback codes and terms:
The situation code suitable for starting the chargeback procedure in the MasterCard system is 4855 (Goods and services not provided). On pages 46-47 of the Chargeback Guide from December 13, 2018, you can find the details of the MasterCard chargeback. Terms and codes are in many ways similar to visa ones. Under code 4855, the restrictions are 120 days from the expected moment of receiving the service. The blocking period is 540 days from the date of the transaction; after this period, the chargeback procedure becomes unavailable.
The situation code suitable for starting the chargeback procedure in the MasterCard system is 4855 (Goods and services not provided). On pages 46-47 of the Chargeback Guide from December 13, 2018, you can find the details of the MasterCard chargeback. Terms and codes are in many ways similar to visa ones. Under code 4855, the restrictions are 120 days from the expected moment of receiving the service. The blocking period is 540 days from the date of the transaction; after this period, the chargeback procedure becomes unavailable.
A dispute chargeback claim may be filed if the cardholder, upon contacting the issuer, alleges that: The goods or services were not as described or defective; the shipped goods are received damaged or not suitable for their intended purpose; the seller did not comply with the terms of the contract; The goods or services were not provided.
MasterCard and investments:
Chargebacks are available for transactions in which any value is acquired for gambling, investment or similar purposes. However, issuers are not entitled to chargebacks for the use of those chips or value, unspent chips or the withdrawal of such value, or any winnings, gains or losses resulting from the use of such chips or value. In simple words, if your goal was to invest for the purpose of earning (investment), then MasterCard will not accept such transactions. Therefore, it is worth proving that there were no investments as such. Or often the broker blocks the cabinet, thereby refusing to perform services. If there is a reliable evidence base, the chances of winning will increase significantly.
Chargebacks are available for transactions in which any value is acquired for gambling, investment or similar purposes. However, issuers are not entitled to chargebacks for the use of those chips or value, unspent chips or the withdrawal of such value, or any winnings, gains or losses resulting from the use of such chips or value. In simple words, if your goal was to invest for the purpose of earning (investment), then MasterCard will not accept such transactions. Therefore, it is worth proving that there were no investments as such. Or often the broker blocks the cabinet, thereby refusing to perform services. If there is a reliable evidence base, the chances of winning will increase significantly.
It is worth mentioning the possibility of sending an application directly to the MasterCard IPS, bypassing the Issuing Bank. This is a common myth. MasterCard works only with legal entities and addresses all questions to the Issuing Bank.
And finally, many Banks will want to refuse a MasterCard chargeback, explaining this by the lack of opportunities to initiate the procedure. It's a lie. Pay attention to the documents of the broker, licensing authorities, features of your Bank and features of MasterCard. This information will be needed to properly complete the application. Also be sure to accompany these statements in English.
And finally, many Banks will want to refuse a MasterCard chargeback, explaining this by the lack of opportunities to initiate the procedure. It's a lie. Pay attention to the documents of the broker, licensing authorities, features of your Bank and features of MasterCard. This information will be needed to properly complete the application. Also be sure to accompany these statements in English.