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TIPS: Wells Fargo Chargebacks - YouTube
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presented by charge factories calm
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chargeback defense Wells Fargo disputes
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while the chargeback process is largely
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defined and structured by the
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heavyweight card networks might Visa and
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MasterCard the issuing and acquiring
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banks that get involved in transaction
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disputes have some leeway to set their
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own unique rules and procedures the
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right represent meant for Warren assurer
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may not pass muster with the next bank
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you deal with because of some small
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detail related to timing or
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documentation we hate to see merchants
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lose out on revenue due to avoidable
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mistakes so we want to arm you with the
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information you need to deal with all
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the major issuers with that said what do
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merchants need to know about Wells Fargo
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chargebacks as the seventh largest card
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issuer in the United States Wells Fargo
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candles are commensurately high rate of
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charge backs so you can expect to be
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dealing with them fairly often Wells
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Fargo has lost some market share in
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recent years because of the fall out of
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their 2016 account fraud scandal and
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while that means they have extra
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incentive to keep their customers happy
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we would hope it also motivates them to
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carefully abide by the carnet worst
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dispute rules remember while your
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issuers may be your temporary
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adversaries in chargeback disputes these
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are a mastercard owned the court whether
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you're dealing with your first Wells
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Fargo chargeback or your 50th this guy
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can help you ensure you follow all
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relevant procedures to the best of your
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ability and hopefully win every winnable
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dispute you can Wells Fargo charge back
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fee when serving as a payment processor
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for merchants Wells Fargo charges a $25
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fee for each charge back they also
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reserve the right to recoup fees levied
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by other institutions involved in the
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dispute as an issuing bank
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Wells Fargo can't hit merchants with any
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fees but remember that in the event that
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a dispute proceeds past the represent
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Minh stage and goes into arbitration the
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card network handling the matter will
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collect as much as $500 in arbitration
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fees from the losing party if you take a
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charge back to arbitration make sure of
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the facts and documentation are on your
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side
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Wells Fargo charge back policy Wells
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Fargo customers can dispute a
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transaction up to 60 days after it posts
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to their account they allow the
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customers to initiate claims either by
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phone or through their online banking
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account once the dispute has begun Wells
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Fargo follows the standard charge back
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procedures starting with issuing a
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provisional credit to the customer and
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submitting a retrieval request to the
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acquirer
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to begin their investigation Wells Fargo
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charge back time limits while customers
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have 60 days to dispute a charge
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merchants must respond to retrieval
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requests within 12 business days always
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respond to any charge back related
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notifications and requests promptly this
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helps to ensure that the banks have
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enough time to properly evaluate your
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information once the process has begun
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the most important time limits for
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merchants to remember are the ones
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imposed by the card networks here's a
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quick rundown of the key time limits
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after the chargeback process kicks off
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the timeframes laid out by Visa and
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MasterCard take precedence eighteen days
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to respond to a visa dispute whether
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you're fighting or accepting the charge
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back thirty days to submit represent
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Monteux acknowledging the charge back
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ten days to request arbitration after
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the pre arbitration process is finished
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to avoid missing deadlines or making
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mistakes in a rush to meet them
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We strongly recommend that merchants
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have procedures in place to respond to
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charge backs immediately Wells Fargo
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charge back process once the charge back
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notification is sent to your acquirer
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your merchant account will be debited
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and you must either accept the charge
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back or contest it by representing the
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transaction Wells Fargo provides the
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following recommendations to merchants
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to avoid charge backs we suggest that
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you follow this advice to the best of
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your ability and document it so that in
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the event of a Wells Fargo charge back
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you can provide them with proof that you
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were following their recommended best
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practices use AVS to verify billing
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addresses verify the caller ID on phone
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orders include a toll-free telephone
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number on your merchant descriptor that
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appears on billing statements obtain
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proof of delivery for all orders you
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ship acquire a signature for delivery of
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high-value items of course these tips
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will serve you well for disputes with
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any issuer not just Wells Fargo Wells
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Fargo charge back portal if Wells Fargo
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is your acquirer or payment processor
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you should sign up for the dispute
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manager service they offer this online
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portal allows merchants to receive
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charge back notifications acknowledge
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disputes and respond to retrieval
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requests the portal also contains
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resources to learn more about charge
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backs and how to respond to them using
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the dispute manager can greatly
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streamline the process of managing
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charge backs and will help you respond
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in a timely fashion benefits of
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analyzing and disputing charge backs
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fighting charge backs can be tough
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researching disputed transactions and
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putting together the right evidence can
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take a lot of time and labor as tempting
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as it may be just to let small charge
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backslide each one you receive hurts
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your charge back ratio and
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depletes your revenue remember the true
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cost of chargeback isn't just the
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transaction amount you have to account
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for the fees and related expenses as
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well the silver lining of chargebacks is
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that each one is an opportunity to learn
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about problems customers are having with
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your business whether it's fraud
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merchant error or problems with
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fulfillment you can look at every charge
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back you get and think about how you
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could adjust your operations to prevent
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the same chargebacks from happening
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again by making the effort to understand
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the root causes of your charge backs you
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can learn about how to prevent them how
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to fight them better and how you can
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meet your customers needs and
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expectations better conclusion the best
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way to defend against Wells Fargo
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disputes the strongest anti chargeback
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strategy is a universal one be honest
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and transparent provide the best
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customer service you possibly can use
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the best anti-fraud tools at your
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disposal and thoroughly document your
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transactions and customer interactions
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when it comes to dealing with specific
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issuing banks keep in mind while
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experience will teach you some of the
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nuances that help you get the right
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outcome most of the rules and
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requirements are coming directly from
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the card networks stay on top of the
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published rules and new mandates
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remember the key time limits and do the
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best you can to defend yourself from
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fraudsters and frivolous claims to learn
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more visit chargeback news
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you
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