Most banks are owned by a small group of elite families (Rothchilds, Vanderbilts, Rockefeller) and they are run by an International Monetary Fund. What these bankers are doing is called “usury”.
Hebrews 13:5 – Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Only 2% of banking disputes ever reach the arbitration phase, an entirely different process in which a card network acts as an independent third-party. The process itself begins when the cardholder locates the transaction that they wish to challenge, and then contacts either their bank or network to challenge the charge. The card network reviews the transaction and will require payment from the issuer of the card, or will forward the chargeback request to the acquiring bank of the merchant.
The merchant is notified at the same time that the merchant has received the cardholders dispute, and the acquiring bank has withdrawn funds from the merchants account in order to compensate the cardholder for the transaction, as well as cover costs of investigating the chargeback. If a bank does indeed issue the chargeback, the bank forwards information about the dispute back to the merchants bank. If the merchant chooses to proceed with a chargeback dispute, the acquirers bank requires that the merchant produce additional convincing evidence on behalf of the merchant that it fulfilled the cardholders order to prevail on the dispute.
1 Timothy 6:10 – For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Once the banks issuing their cards begins the dispute process, it issues a chargeback and notifies Square that a cardholder has filed a dispute about the payment processed by a square merchant. A dispute or chargeback on a payment occurs when the cardholder files a claim with his card-issuing bank in order to seek the charge be reversed. Definition A chargeback, also called a payment dispute, is a chargeback after the customer files a dispute about a credit or debit card transaction with his bank.
Chargebacks are a tool for consumer protection, which allows consumers to recover their money from fraudulent charges or purchases that did not meet standards by filing a dispute with the card issuer. As a result, you can attempt to dispute this with the issuer of your credit card via the chargeback process. Once you file your chargeback request, the dispute process will vary depending on the issuer, your network, and the circumstances, but will usually involve a bit of back-and-forth between various parties.
Matthew 6:24 – No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon.
After the customer files the dispute with the bank, the banks begin the chargeback process by holding funds from the disputed transactions until they decide what to do with them. Whether due to escalating inquiries, or some other reason, when the account owner files an official dispute on a charge, that action triggers the chargeback, in which the card network takes the funds in dispute out of your Stripe balance and holds it until the end of the dispute.
A dispute occurs when an account owner contacts their bank to contest your payment for any of several possible reasons. Recurring payments Sometimes, when an account owner disputes several payments in a recurring membership plan, their bank will issue a single dispute against the total for one of those charges.
Ecclesiastes 5:10 – He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
To meet their obligations under law, banks and card networks enable their customers to dispute fraudulent and erroneous transactions. Card networks generally permit cardholders to begin disputes up to 120 days after an initial charge, but their rules permit longer periods under certain circumstances. Disputes are usually a quick process, where their issuer cancels the card in question and issues a new one.
Proverbs 13:11 – Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
If the merchant responds in a timely manner, the merchant may be able to offer information that negates the dispute request – but sometimes, the issuer finds that the merchants response is not sufficient, and proceeds to issue a chargeback. If a merchant does not dispute a dispute claim within seven days, or if information sent is found unsatisfactory, any funds held by the merchant are returned to the cardholder.
If a dispute is resolved in favor of the merchant, no funds will be awarded to the cardholder, funds retained from disputed charges will be released into the merchants settlement fund, and administrative fees are returned to the merchant. When the dispute is resolved, any money that was initially paid to your business can be reversed and returned to the cardholder.
Any evidence that a business was run by the cardholder themselves, who did not originate or approve the transaction, could trigger a dispute with the bank. In the case of transactions made without the cards being presented, for example, those made online, merchants have an increased risk of dispute because they might be unable to produce that kind of proof that the actual cardholder authorized or participated in the transaction.
The merchant can be justified in denying a bank dispute if it believes that this is a case of Friendly Fraud. If a merchant does indeed choose to contest the banks dispute, it is expected that the merchant will produce documents to be reviewed by the bank.
Proverbs 22:7 – The rich ruleth over the poor, and the borrower is servant to the lender.
They are expected to go through a regular dispute process, in which they have a choice of challenging the dispute through documentation, and after the cardholders bank reviews the dispute, win or lose. Once a dispute has been resolved by a cardholders bank, Square must comply with the result and has no further rights to escalate or continue challenging the dispute on your behalf. Once a dispute resolution has been returned, as soon as Square receives the cardholders issuing banks response, Square will update the dispute status on your dispute dashboard.
Once the Card Association has issued its Card Association ruling, the dispute for chargeback is closed, and the losing bank is required to pay an arbitrator fee. The dispute is initiated by the consumers issuing bank (the bank that gave them the credit card) and the process is funneled through the banks acquirer, Pin Payments. Consumers are entitled to dispute credit card charges, if they are made incorrectly, if they are fraudulent, or if a merchant does not deliver goods or services satisfactorily.
Acts 4:32-35 – And the multitude of them that believed were of one heart and of one soul: neither said any of them that ought of the things which he possessed was his own; but they had all things common. (Read More…)