Global Assets Recoveries process

Your Step-By-Step Guide to the Global Assets Recoveries Process
The chargeback process is costly, confusing, and time-consuming. There are challenges for everyone involved and victim might just tag it the worst of all.

Fighting a chargeback is hard but winning a chargeback dispute is even harder. To stand a chance, you’ll need to have a firm grip on how the process works and been taken through the process by seasoned professionals like people we have here at Global Assets Recoveries. We’ll examine the chargeback process from beginning to end, plus some of the roadblocks and challenges you might come up against along the way.

What Makes the Chargeback Process So Difficult?
When we talk about the chargeback process, we are talking about each step between the initial dispute and final chargeback resolution. Everything from the initial customer complaint all the way through arbitration and long-term effects is included in this process.

Chargeback key players
There are several key players involved, including:

Cardholder: The owner of the card involved in a transaction.
Merchant: The party who sold the goods or services being disputed.
Issuer: The bank who issued the card to the cardholder.
Recovery Team: The recovery expert tasked with acquiring payment on the merchants behalf.
Card Association: The card brands (Visa, Mastercard, etc.) who oversee the process.
There are other parties involved as well, such as processors and gateways, but for now we’ll stick to the primary participants.

A chargeback involves input at every stage of the process, strict timelines, and a progression that is anything but linear. To make things worse, the requirements can differ significantly depending on which bank or card scheme is involved. These factors can be confusing by themselves; however, they also exhibit the fundamental problems of a system that is inherently flawed in several ways, that is why we at E-Assets Rretrieval take it upon oursellves to put you through.

The Issuing Bank and the Acquiring Bank
Visa and Mastercard guarantee that you can apply for a chargeback at any time within 120 days from the date of the transaction. Under certain conditions, that period can be extended to up to 540 days, and the law in some jurisdictions provides you with even more time.

The chargeback process begins when a cardholder submits a request to raise a dispute with the merchant to the bank that issued the charge card, which is known as the issuing bank. Once the issuing bank accepts your request, it will raise a dispute with the merchants bank through the credit card companys dispute resolution scheme, which then alerts the merchants bank, which is known as the acquiring bank. The acquiring bank then informs the merchant. In certain cases, the sum you challenge may at this time re-appear in your account as a temporary credit.

Re-presentment and Arbitration
Once the dispute has been raised, the merchant has either 30 or 45 calendar days (depending on the credit card) to respond by submitting a document called a re-presentment, in which he or she will attempt to rebut your reasons for a chargeback. If no re-presentment is filed, your temporary credit will be re-classified as permanent once the deadline passes. If you did not receive a temporary credit, the funds will automatically be credited in full to your account at that time.

If a re-presentment is filed, it will be forwarded back to you in a reverse process. Your bank will then either request that you submit a response to the re-presentment, or it may respond on your behalf, sometimes without notifying you, or close the case on its own. If you used a Visa card, the merchant is allowed to submit a second re-presentment to rebut your response and a new period 30 days begins, which is known as pre-arbitration. If afterwards the acquiring bank still does not accept the chargeback, the issuing bank can elect to move to arbitration.

If you used a Mastercard, the merchant has 45 days to respond. If the merchant submits a representment, the client will be notified and then has 45 days to rebut. If the issuing bank allows the cardholder to respond to the representment, the acquiring bank can elect to move directly to arbitration.

The arbitrators are neutral professionals employed by the credit card companies themselves, not the parties to the dispute. Their ultimate decision is final, although theoretically an appeal can be filed afterwards under exceptional circumstances for example, in the event the arbitrators decision is clearly based on a misrepresentation of the facts of the case. As a general rule, the issuing or receiving bank that loses the dispute will be responsible to pay for the costs of the arbitration, not the cardholder.

The entire process, from your initial request to the final resolution, can take up to six months. Our experience is that in most cases it takes three-to-four months.Global Assets Recoveries process

Global Assets Recoverieswill accompany you throughout this entire cycle.

Global Assets RecoveriesValue Added Service
What makes Global Assets Recoveriesdifferent from other fund recovery firms is the value added service we provide by accompanying you throughout this complicated process. Upon engaging our services, you will be asked to supply us with the following information:

The names of all merchants, including the URLs of the domains, with whom there is at least one disputed transaction.
A comprehensive list of all deposits and withdrawals processed with each merchant.
A comprehensive list of the relevant credit card details for each transaction.
Our financial professionals will then review this material, chart an appropriate strategy and prepare the document you will submit to your bank. Should it become necessary, one of our experienced negotiators will then join you in whatever conference calls are required with your banks dispute department to explain to them why they must initiate your dispute. In the event the merchant challenges your request, we will, of course, prepare a point-by-point response and continue to work with you in pursuing your case.Global Assets Recoveries process