Understand the Low Risk merchant Low Risk Category before you apply it at the bank for a merchant Account because merchants in our payment processing world are categorized under low-risk, medium-risk, and high-risk categories. There are a number of points or reasons concerning which any business can be classified as Low Risk or high risk or medium risk […]
Two-thirds of responding IT pros didn’t even know if personal data could be purged entirely from their systems.
Another day, and another survey showing organizational uncertainty about preparation for the General Data Protection Regulation (GDPR), now less than three months away.
In this one, enterprise data management firm Solix conducted an online survey with more than 100 companies. While the sample was relatively small, the respondents were all IT professionals, thus giving some insight into where those departments are:
- Two-thirds of the respondents didn’t know if individuals’ personal data could be purged entirely from their systems.
- Twenty-two percent were not aware they needed to comply with the GDPR if they captured and maintained data of European Union citizens, since they are based outside the U.S. (Many experts say they do.)
- Nearly 40% said that personal data at their companies is not protected from misuse and unauthorized access throughout its lifecycle.
- Sixty-four percent of responding organizations don’t have a Data Protection Officer, as required by GDPR.
- More than half don’t know if they have explicit consent from individuals for processing of their personal data.
The big takeaway, Solix Technologies’ Executive Chairman John Ottman told me, is that “not only are most companies not ready, most do not understand the extent of their obligations.”
There is no such thing as becoming a millionaire by “selling” stuff that are owned by other companies on platforms like Amazon, eBay, Facebook etc.
Have some pride. By re-selling another company’s products without permission, you are in very blunt terms a thief.
By trying to scheme a company with different email addresses, names, IP addresses, you will win nothing. Have some pride, have some honesty.
Ask any company to become a certified re-seller and you are in business. Work hard for your goals, but learn that by flying on another’s wings you have nothing to be proud of or win.
You are unethical, you don’t play by the rules and in the end your prospective buyers will see right through you. Can you provide the same services the company you “steal” from does? Can you look your buyers in the eye and tell them that you are running a reputable company that strives for honesty, customer service and a great product?
All of you wanna be re-sellers out there, listen to me. We know you. We shut you down left and right. Stop wasting your time defrauding companies and show the world that you have integrity.
Find your own stuff to sell, or contact companies and ask officially to connect and work together.
This is a helpful list of chargeback codes.
**Visa Chargeback Codes**
- 30 Services not provided or Merchandise not received
- 41 Cancelled recurring transaction
- 53 Not as Described or Defective merchandise
- 57 Fraudulent multiple transactions
- 60 Requested copy illegible or Invalid
- 62 Counterfeit transaction
- 70 Account number on exception file
- 71 Declined authorization
- 72 No authorization obtained
- 73 Expired card
- 74 Late presentment
- 75 Cardholder does not recognize transaction
- 76 Incorrect transaction code
- 77 Non-matching account number
- 79 Requested transaction information not received
- 80 Incorrect transaction amount or account number
- 81 Fraudulent transaction (Card present)
- 82 Duplicate
- 83 Fraudulent transaction (Card not present)
- 85 Credit not processed
- 86 Paid by other means
- 90 Services not rendered (ATM or Visa travel/money)
- 93 Risk identification service (RIS)
- 96 Transaction exceeds limited amount
**MasterCard Chargeback Codes**
- 4801 Requested transaction information not received
- 4802 Requested / Required information illegible or missing
- 4807 Warning bulletin file
- 4808 Requested / Required authorization not obtained
- 4812 Account number not on file
- 4831 Transaction amount differs
- 4834 Duplicate processing
- 4835 Card not valid or expired
- 4837 No cardholder authorization
- 4840 Fraudulent processing of transaction
- 4841 Canceled recurring transaction
- 4842 Late presentation
- 4846 Correct transaction currency code not provided
- 4847 Requested/Required Authorization Not Obtained and Fraudulent Transaction
- 4849 Questionable merchant activity
- 4850 Credit posted as a purchase
- 4853 Cardholder disputes – Services / merchandise defective or not as described
- 4854 Cardholder disputes – Not classified in other category (US cardholders only)
- 4855 Non receipt of merchandise
- 4857 Card activated telephone transaction
- 4859 Services not rendered
- 4860 Credit not processed
- 4862 Counterfeit Transaction – Magnetic stripe POS fraud
- 4863 Cardholder does not recognize – potential fraud (US Only)
- 4870 Chip Liability Shift
- 4871 Chip/PIN Liability Shift
- 4999 Domestic Chargeback Dispute (Europe Region Only)
Do you know the difference between chargebacks and refunds?
Do you know the importance of this difference for your company’s financial reports?
Do you know which companies have refunds AND chargebacks and what the difference is?
A chargeback comes with a fee, usually around $20 per chargeback.
A dispute or a claim is simply a refund of a sale, without any added fees.
PayPal and Amazon give those two options.
Shopify does not… These are just a few examples.
Does your back end/platform have the necessary reporting structure?
Does your back end/platform have the necessary structure to stop fraudulent transactions for manual review before you capture payments?
I am starting a series on this subject and will start giving you information that is critical to any company that sells online, whether tangible or intangible goods.
If you need help or don;t know how to set up your company to deal with those issues, simply email me, stockmalm at gmail.com.