Do you have a tenant or owner who has disputed a credit card payment? You see Credit Card Chargeback as the reason for the returned payment. This article will give you steps to try to recover the money.
A chargeback occurs when a credit card holder disputes a charge and the transaction is reversed.
As a property manager, receiving a dispute from a tenant/owner can be a frustrating experience. However, it's important to handle these situations calmly and professionally in order to resolve the dispute and maintain positive relationships with your tenants or owmers. Here are some steps you can take to help resolve a payment dispute:
- Gather information: First, review the details of the disputed payment. Look for any discrepancies between the amount paid and the amount owed, as well as any issues with the payment method or processing. Check your records to ensure that the payment was properly applied to the tenant's or owner's account.
- Contact the tenant/owner: Reach out to the tenant/owner to discuss the dispute and try to understand their perspective. Ask for any additional information or documentation that may help clarify the situation. Be sure to remain professional and respectful throughout the conversation.
- Review the lease agreement: Review the lease agreement or management agreement to see if there are any clauses or provisions that may apply to the dispute. For example, if the dispute is related to a late fee, the lease may specify when and how late fees can be assessed.
- Consider a payment plan: If the dispute is related to a tenant/owner’s inability to pay the full amount owed, consider offering a payment plan to help them catch up on their payments over time. This can help avoid future disputes and maintain a positive relationship with the tenant / owner.
Unfortunately, if the credit card holder claims they did not make the transaction and was a result of fraud on their card, the tenant/owner’s credit card company takes the funds back, and Rentvine does not have the ability to pursue the chargeback any further. The customer purchasing laws are so stringent and in favor of the payer, that the power is not in our hands with the merchant processor and these chargebacks are a cost of doing business with a dishonest individual who claims they were a victim of fraud.
Overall, the key to resolving a payment dispute with a tenant or owner is to remain calm, professional, and responsive. By taking the time to understand the situation and work with the tenant/owner to find a solution, you can help ensure a positive outcome for all parties involved.