First, an order is placed and the customer is billed. Then, the account holder calls their bank/credit card provider to dispute the charge(s). When the dispute is issued the bank/credit card provider takes the funds back from 2Checkout.com and returns those funds to the account holder. The bank/credit card provider notifies 2Checkout.com of the disputed charge(s). 2Checkout.com then notifies the vendor of the chargeback and removes the disputed funds from the vendor’s account.
The most common reasons for chargebacks are:
- Account holder’s credit card number was compromised or used without the account holder’s permission.
- Account holder does not remember the purchase or does not recognize the charge on their statement.
- The customer mistakenly placed multiple orders.
- The customer was not satisfied with quality of the product/service that was received.
- The customer was advised that they would receive a full or partial credit and that credit was not successfully issued.
- The recurring billing was not stopped at the customer’s request.
- The customer did not receive the product/service that they ordered.
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I would like to know how 2CO accounts for chargebacks in the vendors list payments view. It seems you account for charge backs as refunds which are much less conspicuous and harder to notice at a glance. I see I dont have any chargebacks on my account but if I go to the disputed sale I see you have just refunded the money from that sale and then accounted for it as a refund not a chargeback.
Is this official accounting policy with 2CO? Clarification would be appreciated.
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When you are viewing the payments section of your account you will see the fee associated with the chargeback in the “Chrgbck” column. If you click on the total in this column you will see a detailed report of each sale that was assessed a fee due to a chargeback. On the payments screen the chargeback amount is removed from the payment as part of the refund column total.
When you view a disputed sale that experienced a chargeback you will see a line item refund on that sale with the text “chargeback”.
If you wish to see what sales were refunded, and what sales had a chargeback, I recommend you download a CSV file of your sales and review this file in any spreadsheet program. This report will show you columns for a sale being refunded and show you a different column for a sale that experienced a chargeback which will allow you to differentiate between the two.
For instructions on how to download this report please review this article.