Guidlines of Chargeback Reason Code 74-Late Presentment

By examining chargeback reason codes, merchants are able to see instructions in the working of their management. For an instance, there are various Visa chargeback reason codes that result from processing errors.

 


Let’s have a look at one particular example: Visa Reason Code 74

Chargeback Reason Code 74 is expressed when a card issuer receives a transaction post 30 days limit and the account is either closed or blocked on the date of chargeback processing date.

 

The transactions must be deposited in a proper manner that will allow timely payment processing and reflect on the cardholders’ accounts. It is established that the cardholder would file a dispute and initiate a chargeback on the transaction he/she doesn’t remember if it is outside the time frame and for say, a month old. There are no remedies for chargebacks on the payments deposited more than 180 days after the transaction date.

Merchants must know the time frame for every transaction according to every processor’s individual terms, but in any case, one should not wait longer than 180 days.

 

Common Causes :

Chargeback Reason Code 74 is issued when the merchant does not deposit the sales receipt with its merchant account provider within the time frame specified in its processing agreement.

 


Possible Responses to Reason Code 74:

Respond by providing the transaction receipt or other documentation with a transaction date that disproves late presentment.

  • If sales receipt has been deposited on time, then the merchant can contact its processor and ask them to forward a copy of the receipt to the card issuer.
  • If the merchant has not deposited the sales receipt within 10 to 180 days of transaction date and the cardholder's account has been closed, then accept the chargeback.
  • If the sales receipt was deposited more than 180 days after the transaction date, the chargeback is valid irrespective of the cardholder’s account status.

Tips to Prevent Chargeback Reason Code 74

Here are some guidelines to follow and prevent Visa Chargeback Reason code 74

  1. Deposit the sales receipt with the processor as soon as possible.
  2. Make sure deposits are made within the mentioned time limit.
  3. Capture transaction data with Point of Sale POS terminal.