What is a Chargeback and when might you consider it?
From time to time, you may find yourself paying for goods that you don’t receive, maybe they’re faulty or aren’t as described. Perhaps you’ve made a purchase that can’t be delivered, like tickets for a flight that’s later cancelled. It could be that you don’t recognise a charge or there’s something off like a double-payment when you only expected to see one. We’ve included a more comprehensive list of scenarios below.
Speaking directly with the merchant is your best chance of resolving something like this quickly. After all, it’s in their best interest to make sure of your satisfaction and it’s likely that they’ll agree reimburse your money straight away and might even go one step further to cheer you up.
On the other hand, sometimes it’s not so easy. Chargebacks are a way of recouping the money that you shouldn’t be paying under the circumstances in which you find yourself and our role is to help you.
As a Coconut customer, your card purchases are protected by the Mastercard Chargeback Scheme. You have 120 days after you become aware of the problem to file a chargeback. If you can’t resolve a payment dispute with the merchant, we’ll work with our payments processor, Prepay Technologies, and Mastercard to retrieve these funds directly from the merchant’s bank after an assessment of whether the claim justifies a chargeback. This process can take up to 45 days. You should keep copies of any communication regarding the issue between you and the merchant. Showing that you’ve taken measures to work things out with the merchant can improve the chances of your claim being successful.
Reasons you may want to file a chargeback:
The merchant goes into administration or “goes bust” before you’ve redeemed your purchase
You’ve bought goods that are faulty or aren’t as described
You don’t receive the goods you’ve paid for
A clerical error results in you being charged multiple times or the wrong amount
An unrecognised charge on your app/statement - you might just see the registered name of a company that you know under a different name but this could be an instance of fraud
Having read this article, if you think a chargeback is the most suitable way of retrieving your money, get in touch and we’ll start the process.