Visa Reason Code 62

Visa Reason Code 62

Visa Reason Code 62

Credit cards can be replicated into fake and can cause loss of profits for a business!

In this age where credit card payment is one of the safest ways to purchase things or collect money. Card payment is safest because it has a thin layer of protection for buyers and merchants. Where the banks and card brand networks directly deal with the amount transactions. Also, cross-check the authenticity of the transaction and also give the support to customers. If they face any difficulty dealing with the merchants and if customers feel merchant is fooling them.

The use of card has some undeniable drawbacks. This can lead the cardholder to become a victim of fraud activities on their bank accounts. One such drawback is cloning of the credit card and using the card for whatever they want.

Payment Security for Merchant

Email us anytime!

Email customer service 24/7

Payment Security for Merchant

Call us anytime!

Reach customer care 24/7 at +1 (727) 330-3944

The Cloned Cards

For these type of transactions done through, the cloned cards card holder still can recover money. Especially, if some purchases take place through the card. But, the merchants face transaction dispute if they process a transaction, accept authorization and send the request for funding to the bank. This type of dispute is “counterfeit transaction”, that mostly occurs when a fake card is in place for the purchase.

The thing that helps to detect the transmission done is valid or not, is a merchant fails to compare the embossed account number on the card with the number printed below the embossed number. The reason that can cause such condition is the information of the magnetic stripe was not collected correctly.

For this transaction dispute, customer bank gets a written request from the customer, in which customer claims that the card was present with them during the time of the transaction and they did not participate in the transaction. In this condition, the bank initiates the chargeback and asks the merchant to pay back to the customer. This condition of “Counterfeit transaction”, is designated with a specific reason code, by the card brand networks, that helps merchant know how to manage such chargeback cases and what to provide to the bank as proofs if the transaction is valid or not. VISA has assigned reason code 62 to this error and the Master card has assigned reason code 4862.

Related Blog

Manage the information

To manage or send the information to the bank is signed receipt of the transaction. A merchant can send the print of the receipt if the merchant has swiped the card and transaction was authorize during the sale. If the merchant finds the transaction was done from the fake card, they should accept the transaction.

The only way to be safe from such transaction errors is to check carefully the card and numbers imprinted on the cards. If the merchant feels that the card is suspicion for any reason. They should avoid making payment from giving the card and if the payment is processed by the merchant and finds that something is wrong. They should call the bank for any further action.

Visa Reason Code 62

Leave a Reply

Related Posts


The Role of Payment Gateways in E-Commerce Success-min
September 17th, 2024

The Role of Payment Gateways in E-Commerce Success

In the fast-paced world of online shopping, the importance

Read more
Double Your Advantage with Dual Pricing Payment Processing
October 20th, 2023

Double Your Advantage with Dual Pricing Payment Processing

As technology continues to advance and shape the way we do b

Read more

Tags


Accept Credit Card  Adult articles  Barber Shops  Beauty Products  Beauty Salons  Beauty Shops  Boating and marine  BOWLING ALLEYS  Business  Business & Economics  Card Brands  CBD Business  Chargeback Reduction  Chargeback Reduction  Chargebacks  Chargebacks Fraud  Check Processing  collection agencies  considered high risk  Cosmetics & Personal Care  Countries  Courier Services  Credit card processors  Credit card processors  Credit Score  Cruises  Debt  Debt Collection  Dentists  Disputing Chargebacks  Doctor and Telemedicine  Document Preparation  Dry Cleaners  E-commerce  E-commerce  E-Commerce Tips  Echeck Processing  Electronic Payment System  Entrepreneurs  Escort Listing Services  Escort Merchant Account  Florist  furniture  Furniture Merchant  furniture merchant account  furniture store  Gift Shops  Health & Beauty  Healthcare  High Risk Business  High Risk Business Merchant  High Risk Business Merchant  High risk industry  High Risk Merchants  Home Furnishings  Limited Liability Company  Liquor Stores  LLC Businesses  Marine business  Marine Services  Mastercard  Mastercard  MCC / SIC Code  MCC / SIC Code  Medical and Healthcare  Merchant Account  Merchant Account  Merchant Account Requirement  Merchant Account Tips  Merchant Agreement  Merchant Services  Merchant Statistics  Merchant Stronghold  Merchant types  Merchant Underwriting  Merchants USA  Natural Candy Store  NMI  Nutra Merchant Account  Nutra Merchants  Nutraceuticals  Office and commercial furniture  Offline and Online Furniture Retail  Online Business  Online Payment Services  Online Payment Services  Online Processing  Online Processing  Payment Gateway  Payment Gateway  Payment Gateway Integration  payment processing  Payment processors  PCI  PCI Compliance  Personalized Card  Pharmacy  Pharmacy  Point of Sale Software  POS Systems  POS Terminals  Prepaid Cards  Retail Businesses  Retail Merchant Accounts  Retail Merchant Accounts  rich countries and poor countries  Sporting Goods  Successful Companies  Tailoring & Alterations Businesses  Timeshare Merchant Account  top companies  Transaction dispute  Transportation Service  Travel Agencies  Travel Agency  Travel Agency  Travel Agency & Reservations merchant accounts  travel agency merchant account  Underwriting guidelines  VISA  VISA  VX 520  Vеrifоnе VX520 POS