Issuer receives a complaint from the credit cardholder that the charge on his billing statement is not recognized. In other words, the customer is not aware of the particular transaction or the information on the statement does not belong to him, not correct or not recognizable.
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The buyerβs bank received a transaction after the time limit and by the time the buyerβs account is either blocked or closed. Such situations arise the sales receipt is not collected from the the acquirer within the time limit specified in merchantβs guideline or agreement.
The buyerβs bank received a transaction for which the authorization was not obtained. The reasons of such code could be- not obtaining an authorization for a transaction or, for card present or obtaining it after the date of transaction. The buyerβs bank may only put a chargeback for the amount exceeding the transaction date. This chargeback occurs when goods and services did not obtain authorization for the particular transaction exceeding the goods and serviceβs Floor Limit.