Visa and MasterCard have made important changes to merchant acceptance as part of a proposed settlement for merchants located in the U.S. and U.S. territories. For more information click here.
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.