Those of you with a business have at least one credit card and debit card associated with your business. Just as with personal accounts, many false credit charges may arise. It is crucial that you dispute and have these charges removed as soon as possible, especially if you want to avoid future bogus charges. Below, we will share tips to dispute credit card charges.
1. Verify the False Charge
Firstly, identify any and all charges that may be false. Do this for each of your accounts. Tell your bookkeeper what you normally spend on certain items, who you buy them from, and any other personal information. Have multiple workers authorized to make charges? Give them their own card so you know who buys what. Make a list of all questionable charges and verify if they are valid or not.
2. Alert the Appropriate
You may be a bookkeeper, assistant, or generally in charge of the business’s finances. You should report these charges once you find them according to whatever rules your business uses. Ask for all information regarding the charge. Once all have verified a false charge, come up with a plan of action.
3. Contact the Credit Card Companies
Contact your credit card company as soon as possible to dispute the charge. Gather all necessary documentation. For instance, if the vendor and charge are correct but the amount isn’t, find the original receipt. A good example of this is if the tip is scribbled in for a lunch meeting and was read incorrectly by the restaurant. Unfortunately, many scammers are out there stealing credit card numbers and can make bizarre purchases in distant locations. You will not have any documentation for this but may still dispute the charge.
Each credit card company and bank has there own procedure to dispute charges online. This is generally the best way to handle the dispute. You should be given a summary of the dispute and case number at the end. Be sure to hang on to all of this should your dispute be decided.
4. What to do After the Business Credit Card Charge Dispute
It is best to dispute the charge first and find the culprit later. However, it is important to know how the invalid charge occurred in order to avoid phony charges. They may include:
- A scammer has hacked your account.
- A scammer has stolen your credit card.
- The credit card company made a mistake.
- A business with your credit card information charged you for an unauthorized good or service.
- Someone signed up for a free trial and the grace period expired.
- A reoccurring charge for something you no longer use.
- One of your workers made a mistake or has misused business funds.
In these cases (with the exception of a worker mistake), we recommend changing your credit card account password and requesting a new card.
Your business credit card company will usually have a response on your dispute within a few days. They may have an appeals process if you do not agree with the results, which you should follow. You may also file a complaint with the Consumer Financial Protection Bureau if that does not go well.
Business Bookkeeping & Tax Services in Houston
Finally, feel free to contact us if you are a business who needs expert bookkeeping services to avoid having to dispute business credit card charges unnecessarily.
