Payment Tips

What is a Retrieval Request?

Retrieval request from chargeback
Taylor Stika
October 12, 2022

A retrieval request is an inquiry made by a customer to learn more about a charge from their credit or debit card . As a business, it’s important to know when and how to respond to retrieval requests in order to stop potential chargebacks before they are filed.

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How Do I Know When A Retrieval Request Is Made?

You can receive an automated notice from your bank when a customer makes this request. This notification is an essential line of defense when it comes to predictive chargeback reduction measures. Moreover, you should take note of the customer behavior associated with it.

Understanding the root causes is key for preventing chargebacks in the future. It’s good practice to reach out to customers directly and provide customer support to help answer any questions they have. Furthermore, use the outreach as an opportunity to obtain feedback regarding your products, shipping, or billing processes. You may find that a recurring reason for retrieval requests can be easily solved.

For example, if you utilize a subscription billing model it’s more likely your c hargeback rates will be higher. This is because customer’s can forget their charge is automated each month or year, and as a result not recognize a transaction on their statement. In some cases, they will want a complete refund. Be sure to respond to each custom at the onset of a retrieval request.

Offering Refunds to Prevent Chargebacks

The best way to lower chargebacks after seeing this indicator is to offer a refund. This will prevent the chargeback process completely, and although you’re losing a sale, it’s better for merchants who may be approaching a chargeback threshold.

Additionally, your brand reputation will improve if the refund process is simple and friendly. Customers who aren’t happy with a product have many options when it comes to leaving reviews and damaging the credibility of your business. Refunds allow customers the quickest path toward resolution when they feel they have made a misinformed or unjustified purchase.

Don't panic! Make a retrieval request for the unknown charge

What Happens If I Get Too Many Chargebacks?

Once you exceed your bank’s allotted chargeback percentage, then you may be at risk of losing your merchant account. If you lose your merchant account then you’ll have no means of accepting payments from customers who want to use credit cards . In that case, there are other merchant account providers who you will have to open a business bank account with.

The downside is that your new payment processor should be made aware of your previous chargeback rates. In turn, you’ll need to seek out a high risk merchant account due to your transaction history. They’ll most likely ask you to have a high amount in a reserve account so they can balance the risk of future chargebacks or other payment reversals.

What Is A Soft Chargeback?

A soft chargeback is simply another name for a retrieval request. It gets this name because the bank recognizes it as a precursor to a dispute, but it does not harm your account like a standard chargeback would.

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Taylor Stika is the CEO and Founder of Zen Payments. With a background in the payment processing industry starting in 2015, Taylor has extensive experience in managing and optimizing payment systems. Under his leadership, Zen Payments has grown and developed into a reputable provider of high and low-risk payment.

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