Dear members of the Forum,
I am acquirer side
We have financial loss from this chargeback.
We received CB for several transaction worth USD 40,000.00 under RC 4842 with message "account closed"
This CB right Because the period between the transaction date and the collection date more than 7 days
The merchant taking all the money in his account
The merchant is the reason for this delay,
The entry mode for all transactions are magnetic stripe read “90”
Now, we did not have representment right in chargeback rule but we have financial loss from this chargeback and our merchant.
Do you believe that there is a rule or law that could help me in reducing the loss?
I hope the owners of experiences help me