A reason code is a code used to provide additional information to the receiving clearing member regarding the nature of a chargeback, subsequent presentment, fee collection, funds disbursement or request for the source document.
Visa, MasterCard and Maestro all have different chargeback reason codes, so you must check that you are using the correct reason codes for the correct institution. Example of Visa chargeback reason codes include: V41 – cancelled recurring transaction or V73 – expired card. Examples of MasterCard chargeback reason codes include: 4831 – transaction amount differs or 4842 – late presentment.
Payment Processing Services by NOIRE PAY
NOIRE PAY & NOIRE provides industry leading online payment processing services & risk management technologies. Designed using NOIRE PAY’s, “Simply Switch On”, approach to payment processing, our payment solutions are built using the latest payment processing technology enabling businesses to “Plug In” and “Switch On” payment modules with ease if and when required.
As a leading Payment Service Provider, you can trust NOIRE PAY to find the right solution for your business. We provide everything in one simple agreement – your Internet Merchant Account, Payment Gateway and Payment Processing with all the leading cards issuers. Combined with NOIRE’s industry leading fraud & risk management solutions, merchants can be confident managing their payments safely and securely from beginning to end with NOIRE PAY.
Join NOIRE PAY today or contact us on +44 (0) 203 283 4585 of more information.