There are times when cardholders do not recognize transactions on their credit card statements. In these cases, they typically ask their card issuer for a copy of the related transaction receipt to determine whether the transaction is theirs.
In this kind of situation, the card issuer first tries to answer the cardholder’s questions. If this cannot be done, the card issuer electronically sends a “request for copy” (also known as a retrieval request) to the merchant bank associated with the transaction. In other words, the merchant bank is requesting additional documentation front the merchant regarding a particular transaction. This is why it is important that the merchant keep signed and dated customer invoices and signed credit card receipts for each transaction. If the card was keyed in, it is imperative to have a card imprint as well for proof of transaction.
If the cardholder still does not agree with the transaction charged on their account, the cardholder will dispute the credit card transaction through their card issuing bank. The card issuer then initiates a chargeback against the merchant’s account. The merchant is advised to provide Credomatic’s chargeback department supporting documentation related to the transaction. With the appropriate information, including signed customer invoices and credit card imprints, Credomatic may be able to resubmit the item to the card issuing bank for payment. Timeliness is also essential when attempting to remedy a chargeback.