A Chargeback is a refund that consumers may initiate by contacting their bank over a debit item on their card by filing a substantiated complain. This could happen for a number of reasons ranging from fraudulent use of a card to simple human error such as being charged twice. Whenever a chargeback dispute is filed, the merchant or payment provider will receive a code from its issuing bank, which classifies the dispute, and the merchant will have to resolve the chargeback dispute. There are several tools that are tested and proven that can help reduce a merchants chargeback percentage and retain profits. Some of the most common codes are listed below:
 

Visa Classification Codes

30: Services Not Provided or Merchandise Not Received
41: Cancelled Recurring Transaction
53: Not as Described or Defective Merchandise
57: Fraudulent Multiple Transactions
60: Illegible Fulfillment
62: Counterfeit Transaction
71: Declined Authorization
72: No Authorization
73: Expired Card
74: Late Presentment
75: Transaction Not Recognized
76: Incorrect Currency or Transaction Code or Domestic
77: Non-Matching Account Number
80: Incorrect Transaction Amount or Account Number
81: Fraud—Card-Present Environment
82: Duplicate Processing
83: Fraud—Card-Absent Environment
85: Credit Not Processed
86: Paid by Other Means
96: Transaction Exceeds Limited Amount
 

MasterCard Classification Codes

4802: Requested/Required Information Illegible or Missing
4807: Warning Bulletin File
4808: Requested/Required Authorization Not Obtained
4812: Account Number Not On File
4831: Transaction Amount Differs
4834: Duplicate Processing
4837: No Cardholder Authorization
4840: Fraudulent Processing of Transactions
4841: Cancelled Recurring Transaction
4842: Late Presentment
4846: Correct Transaction Currency Code Not Provided
4847: Requested/Required Authorization Not Obtained and Fraudulent Transaction
4849: Questionable Merchant Activity
4850: Installment Billing Dispute
4853: Cardholder Dispute—Defective Merchandise/Not as Described
4854: Cardholder Dispute—Not Elsewhere Classified (U.S. region only)
4855: Goods or services not provided
4857: Card-Activated Telephone Transaction (fraud only)
4859: Change to Addendum, No-show, or ATM Dispute
4860: Credit Not Processed
4862: Counterfeit Transaction Magnetic Stripe POS Fraud
4863: Cardholder Does Not Recognize—Potential Fraud
4870: Chip Liability Shift
4871: Chip/PIN Liability Shift