Chargeback: After Successfully Paying Online

You must have read why we want you to pay online for orders you make. So what happens if you pay and we did not fulfil our part or even did so partially? There is a solution. It is called CHARGEBACK.

A chargeback is a charge that is returned to a payment card after a customer successfully disputes an item on their account statement or transactions report. A chargeback may occur on debit cards (and the underlying bank account) or on credit cards.

In order to strengthen adoption of electronic payments, the CBN and other financial institutions have provided numerous frameworks and guidelines. One of such is the refined guidelines of the chargeback process and timelines (SLAs). It covers for both ATM, POS, and Web payments/ transactions but we will highlight something powerful you must take advantage of as it concerns shopping and paying online.

If you place an order and paid online, DON’T FRET!

We passed through the payment processors rigorous verification processes before their payment API was enabled to collect payments on our website. This process include verifying all our company registration documents, personal identities, BVNs, both business and residential addresses, our business policies and processes, amongst others.

Online merchants are required to always ensure they provide top-notch service and products as promised on their website. Where however the merchant fail to meet the obligation, the customer can (and should) contact his bank or the payment processor for a chargeback claim.

What happens when such chargeback claim is initiated?

The bank will forward the request to the payment processor who in turn contacts the merchant via email to provide cogent reason(s) why the chargeback should be denied. The merchant has just 24hours to respond (from the time the email was sent). It does not matter if the merchant saw/ read the email or not. After 24hours, the merchant account with the payment processor is charged (no questions asked) and the customer is bank card is credited. This process takes 48hours.