- What is a Chargeback?
- Disputing a Chargeback
- Fraudulent payments
Chargebacks are issued by the cardholder and reversed by their issuing credit card company or bank. When a cardholder initiates the chargeback procedure, you will be informed about the initiation of the process and you will be asked to provide full documentation (i.e. lease) regarding the transaction.
2. What is a Chargeback?
A chargeback is a reversal of a credit card sale transaction that arises from a customer dispute or fraudulent activity. It is only available to users who make a payment funded by their credit card.
Chargebacks can be used to dispute a card transaction and secure a refund for the purchase. A chargeback voids a card transaction, withdrawing funds that were previously deposited into the merchant’s bank account and applying the credit to the consumer’s card statement.
RentMoola does not initiate or handle chargebacks – the credit card issuer does, therefore, the process follows the issuer’s policies. RentMoola does not judge the validity of a chargeback, that is the responsibility of the card issuer. RentMoola’s role is simply to collect information about the transaction and help you work with the card company to resolve the chargeback.
3. Disputing a Chargeback
To submit your dispute for the chargeback, RentMoola requires the following information before submitting your request to our payment processors:
- Confirmation of your request to dispute
- Copy of lease agreement
- Summary of the reason for dispute and events leading to chargeback
- Any other documents or information which will help you win the chargeback dispute (email communication, proof the service purchased was received as agreed to, etc)
The chargeback process is initiated outside of RentMoola, between the card issuer and their cardholder. In a dispute over a chargeback, the decision is ultimately made by the card issuer and we don't decide the outcome.
4. Fraudulent payments
To minimize occurrences of chargebacks, RentMoola enables address verification (no payment method can be saved without a matching billing address) and requires credit payments to include CVV, the security code found at the back of the card.
As with any merchant who accepts credit card, you are at risk for fraudulent payments. All credit cardholders are protected by zero liability which means that if there are any transactions on their credit card statement, which they deem does not belong to them, then said transactions will be automatically reversed by the issuing bank (and the funds will be debited from the associated merchant account) until the chargeback process and subsequent investigation is completed.
RentMoola bares no responsibility for fraudulent payments.
- How are we notified when a resident initiates a chargeback?
- Once we are notified by our merchant bank processor, the RentMoola Customer Success team will reach out to the primary property manager on file and provide all the transaction details including date, amount and resident name. We will request confirmation of your intent to dispute and request a copy of the tenant lease.
- What is the time frame for disputing a chargeback?
- You have two business days from the date RentMoola’s chargeback notification is sent to provide the necessary documentation for us to forward the dispute request to our payment processors.
- How does a chargeback appear in our Reports?
- You will see a chargeback on your EFT Report. It will be in red, and the reversal will include transaction total plus the associated fees. The resident contact details will not be included.
- When will I know if a chargeback is resolved?
- We will notify you of the result of the chargeback dispute; it can take up to 45 days for the investigation to be decisioned.