Fund Recovery Options

Fund recovery is a very technical and nuanced process that requires expert knowledge to help navigate the various complexities involved. Chargebax can assist with a number of fund recovery options depending on the method of payment that was used in the transaction. 


Infographic of a Chargeback

A chargeback is the reversal of a transaction that was made by either a credit card or a debit card. As a result of the high control and regulation afforded by the card companies, credit and debit cards offer the best form of protection for the consumer.

A chargeback, therefore, if submitted correctly and within the allocated timeframe, is the best mechanism when it comes to fund recovery.

The following steps offer a simplified outline of the chargeback process:

1 – A request to open a chargeback dispute is opened by the consumer at his bank (issuing bank)

2 – The chargeback dispute is reviewed by the issuing bank and sent on to the merchant’s bank (acquiring bank)

3 – The acquiring bank either resolves the issue automatically or escalates the issue to the merchant for comment 

4 – The merchant is given the opportunity to either accept the chargeback  request or send evidence in defence of their claim

5 – The acquiring bank reviews the merchant’s submission and sends it on to the issuing bank for a final decision.

6 – The merchant’s submission is reviewed by the issuing bank that makes a final decision on the case

7 – Both parties are advised of the decision and can move to arbitration in the event that there is a disagreement with the settlement

Bank Wire Transfer Recall

A bank wire is a direct payment from the consumer’s account (issuing bank) to the merchant’s bank account (acquiring bank).

As the card companies are not involved in these transactions, a chargeback request is not possible. A Chargeback is a benefit provided to the consumer by the card companies and are limited to credit and debit card transactions.

So, for a bank wire transfer recall, there are a new set of guidelines and procedures that need to be followed.

Crypto Trace

Bitcoin on a printed circuit board

Cryptocurrencies were designed to utilize a decentralized control system where owners of these digital currencies could transact anonymously.

To that extent, a consumer is looking to proceed with a crypto recovery from an unknown investment firm or merchant, the best chance to recover your money is to identify the inner workings and corporate structure of the company.

Cyber tracing and investigation can provide the necessary information and evidence required to go after the merchant through various legal channels.

By utilising advanced investigative techniques and state-of-the-art cyber tracing tools, one can compile all the information and evidence necessary to go after the merchant and recover your cryptocurrency.

If you are in need of an effective and professional fund recovery solution that includes a chargeback, bank wire transfer recall or crypto trace, contact Chargebax today and we will be happy to provide you with a free consultation and assessment of your case.

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