A chargeback is when cardholders dispute, through their card-issuing bank, a transaction carried out without their knowledge.
So what does Retrieval Request mean in this context?
A Retrieval Request, in short, means a document request. It is a process that begins when a cardholder contacts their card-issuing bank about a transaction that appears on their statement but that they do not recognize; the issuing bank then requests detailed information and documents about the transaction from the acquiring (POS) bank, and the documents provided by the merchant help the cardholder recognize the transaction. For this reason, it is important for receipts related to transactions made via POS to be kept securely for a certain period of time.
What reasons might lead customers to request a retrieval request?
- The cardholder querying a transaction, for example losing the transaction receipt
- The customer not remembering the purchase or not recognizing the transaction details on their bank statement (for example, the business's signage name being different from the name shown on the statement)
- The amount on the credit card statement differing from the actual transaction amount (this type of situation is usually seen with transactions made abroad)
- The information on the receipt being difficult to read, or the transaction information being incomplete or incorrect
- The card-issuing bank considering the transaction to be fraudulent
When the bank requests information about a particular transaction, the merchant should provide supporting documents that will help determine whether the transaction is legible.
The information provided needs to be as explanatory as possible.
What information should be provided about the transaction?
- The cardholder's name, IP address, and account number
- Information such as the merchant's name and website address
- Order confirmation number, transaction amount, authorization code, etc.
- A description of the products or services purchased
- The shipping date of both the transaction and the product or service
When the merchant submits documents that clearly explain the transaction details, the soft chargeback (Retrieval Request) process will be resolved favorably.
To resolve Retrieval Request demands on time and to prevent chargebacks being charged to the merchant, it is important for merchants to respond quickly (within up to 10 days).
