Code 10 Authorization for Risk Management
There are numerous risk management solutions that can help prevent fraud and unnecessary monetary loss for any business. In today's increasingly electronic business world, keeping credit card and customer information confidential is vital. Fraud can happen anywhere; whether you sell goods over the internet or phone, or have face-to-face transactions with your customers. “Code 10” is a simple way to detect suspicious activity just by answering a series of yes/no questions to verify the cardholder’s information. By following a few simple tips and guidelines, you can manage your risks and detect fraudulent activity before it gets out of hand.
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Good Faith Collection is used when a dispute is outside of Visa and MasterCard timeframes for a chargeback or representment. It can be initiated by either an issuer or an acquirer - Merchant Services. The Good Faith Collection process is not mandated or managed by Visa and MasterCard. Thus, there are no mandated timeframes or rules for this process. Instead each issuer or acquirer normally sets its own rules for Good Faith Collection items; this includes the acceptance or declination of a Good Faith Collection case.
If you would like to initiate a Good Faith Collection case, the transaction must be at least $100 and the Card Issuing Bank may assess a fee for each accepted Good Faith Collection case.
There are no guarantees in Good Faith Collection. You should understand that the outcome a Good Faith Collection case is contingent upon the issuer and cardholder who are being asked to consider it.