An applicant or resident may initiate a chargeback with their card issuing bank by disputing one or more charges on their statement. When RentTrack receives the disputed charge, we will send it to you and work with you through the process in a timely manner. The disputed funds are immediately debited from your account and placed into escrow by the card issuing bank until the dispute is resolved. Once you receive this notification, there are two options that RentTrack will work with you on:
- Accept the dispute, closing the case and resulting in the disputed amount returned to the cardholder.
- Challenge the dispute via the card association's (Visa, Mastercard, Discover) challenge process.
Disputing a chargeback requires supplying proof that the transaction was valid and authorized by the cardholder. The primary documents used to dispute a chargeback:
- An Agreement, Application, or document signed by cardholder showing funds were owed to the property management company.
- E-mails showing cardholder’s intent and authorization to process the credit card.
- A letter why the charge is a valid and authorized charge and a detailed explanation of the documentation. For example, providing and explaining the Lease Agreement or Rental Application stating a rent, security deposit, or application fee is non-refundable.
- Any other documentation demonstrating the cardholder authorized the transaction.
RentTrack will help you collect and organize the information and also provide additional information to dispute the chargeback such as receipt details, past authorized payments, time stamps of activity including the location (IP address) where the payment was processed, login credentials for the account, e-mails, and any other documentation that will assist the chargeback process.
Once the information is submitted to the cardholder’s bank via our payment processor, you will typically see a provisional credit in your account within 3-5 business days while the bank reviews the information. A final ruling is made in accordance with the card association’s rules and guidelines to determine if the charge was valid and authorized. The possible outcomes are:
- If the chargeback is ruled in favor of the cardholder, the funds will be returned to the card holder.
- If the chargeback is ruled in your favor, funds will remain in your bank account.
Note: If the ruling was not in your favor you and you wish to further challenge the chargeback you may request an Arbitration. If you lose the Arbitration you will be responsible for a $250 filing fee as well as a $250 review fee from the card association ie Visa, Mastercard, Discover.