A chargeback is created when a customer disputes a payment. A chargeback reverses a money transfer from the customer's bank account or credit card. The chargeback is ordered by the customer's bank or card brand - and they immediately withdraw the payment, and the funds are deducted from your account. Each payment processor has different methods for handling chargebacks, and in the event that the payment is not found to be valid, it can be removed from the Student's Transaction log.
It is helpful to include information for your customers - either in your studio policies or by including a message in the Parent Portal or on their Statements. Let them know that asking for a refund from you directly is the easiest way to handle this since chargebacks can take up to 60 days to be resolved (and depending on the card issues, they may not get the money back until it is settled).
If you use Studio Pro Merchant Services as your payment processor, you can find more information on how we handle disputes for you here.
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