Retrieval Requests

What are they? Why pay attention to them?

Like chargebacks, retrieval requests are rare occurrences in the processing world. In fact, some business owners may never receive one. But when they are issued, they require the same attention as a chargeback and, if ignored, may result in unnecessary financial loss, including financial penalties.

Retrieval requests are non-financial formal inquiries, typically from an issuing bank, for a detailed copy of a transaction receipt. They may also be initiated by a cardholder who needs the information for tax purposes, or to clear up questions about a purchase or business owner listed on the cardholder's monthly statement.

Once a cardholder asks for the information, their issuing bank passes the request along to the business owners' processor. From there, the processor sends notification to the business owner. TSYS Merchant Solutions sends notification to business owners via U.S. Postal Service, online chargeback resolution system, or through an online reporting tool.

In most cases, business owners need to simply respond with a legible sales draft. It is important the transaction receipt include:

  • Business owner's name
  • Transaction date
  • Last four digits of the card used for the purchase
  • If applicable, signed proof of delivery or service
  • Any other information that would assist in fulfilling the request

The entire process, from the initiation of the request by the issuing bank to the forwarding of information to the appropriate card association, must be completed in 30 days. Because the clock starts when the issuing bank initiates the request, and not when the affected business owner receives it, it is important for business owners to respond as quickly as possible.

Failure to respond within the 30-day deadline can result in a non-reversible chargeback financial penalty.

Here are some tips to help business owners avoid penalties associated with retrieval requests:

  • Keep copies of sales drafts for 12-18 months
  • Make sure sales drafts are legible
  • Keep dates current in card terminals
  • Make sure printer ink is changed routinely
  • When forwarding a sales draft, try not to highlight information on the draft. The highlighting can distort the sales draft when sent via Fax

To learn more, contact us today at +1.800.354.3988, or send us a note.

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