> To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a compensating transaction) and finally the chargeback and legal recourse
I'm vaguely aware that there are several checks at the different layers... but I'm puzzled, are there really options to reverse payments at all those layers?
I'm asking, because I've seen multiple times some surprising transactions/unapproved transaction/forgot to cancel a recurring payment...
and, each and every time... the e-money institution/bank/credit card provider, was unable to do anything, until the transaction actually posted.
i.e. while the transaction was still shown as "pending", I couldn't do anything (besides contacting the seller, which obviously wouldn't do anything). Each and every time (when I couldn't eventually get a refund from the seller), I had to wait for the transaction to be posted to be able to file a chargeback
I'm vaguely aware that there are several checks at the different layers... but I'm puzzled, are there really options to reverse payments at all those layers?
I'm asking, because I've seen multiple times some surprising transactions/unapproved transaction/forgot to cancel a recurring payment...
and, each and every time... the e-money institution/bank/credit card provider, was unable to do anything, until the transaction actually posted.
i.e. while the transaction was still shown as "pending", I couldn't do anything (besides contacting the seller, which obviously wouldn't do anything). Each and every time (when I couldn't eventually get a refund from the seller), I had to wait for the transaction to be posted to be able to file a chargeback