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AlgoCharge FAQ








Why can't the client deposit?
There are several reasons why clients can’t deposit funds. In cases you can’t process a client, please send an email to release@algocharge.com with the client’s email, and CC last 4 digits, and they will assist with releasing the client if possible.
I can't understand the error that the client received
  • There are 2 types of error massages: Algocharge errors, and the acquirer’s errors.
    Note that we can release ONLY the AlgoCharge errors.
    • AlgoCharge errors are blocked set on the account to protect you from fraudulent transactions. Some blocks can be released, and others can’t.
      • VEL_EMAIL_COUNT>=4 / VEL_ENC_CC_ID_COUNT>=4 / VEL_IP_COUNT: These errors are called velocity rules. Each client has a limit for the transaction that he can process with you every 24 hours. You client can get blocked after 3 successful transactions with his email, CC or IP, or after 4 failed transactions with his email, CC or IP, all depending on your account’s velocity rules.
        In these cases you can send an email to release@algocharge.com so that the client can be release and continue processing.
      • GEO_BIN_MATCH=NO: Every transaction receives 3 location associated parameters when it’s processed: IP, CC BIN and billing address. In cases that these 3 parameters don’t align – this block comes up and the client will not be able to deposit. The release team can’t release this error.
      • VEL_DISTINCT_CC: We allow up to 3 CC per client. When the system counts over 3 CC associated with 1 email address, the client’s gets blocked. To release this client you need to collect the client’s full KYC, with all 4 CC that he is using, and send all of these documents to release@algocharge.com. They will check the issue, and reply with the decision to release the client or not.
      • BL_EMAIL / BL_IP / BL_ENC_CC: this error means that the email/IP/CC are blacklisted in our system.
      • GEO_BIN_COUNTY_CDinBR: Certain clients are processing the transactions from countries that are known for having high risk score. We block these countries – Egypt, Brazil, Israel, Saudi Arabia (Check what else).
      • GEO_CARDER_EMAIL=YES: The Email address was flagged as high risk. This error can’t be released.
    • Acquirer’s errors: These error are received from the issuers and acquirers. The VEL_EMAIL/CC come after several declines from the acquirer. Since there are many declines, we can’t summarize them all – but these are the ones that are appear most:
      • Do Not Honour / Transaction has been declined /Not Sufficient Funds: These errors are received from the client’s CC issuers. They are general declines and the client should contact his CC issuer for more information.
      • Restricted Card / Transaction Not Permitted on Card: This error means that this client can’t process this transaction. The CC could be a locale card, an ATM CC and such.

HOT CARD/ PICKUP CARD / LOST CARD / SPECIAL PICK UP: The CC was reported as Lost / stolen and is now blocked.

What is an ARN number?
  • The ARN number is a number that the bank provides to approve transactions. The ARN number is used to locate refunds sent to the clients in cases that they didn’t receive the funds.
My client didn't receive the refund that we sent him.
 Please send an email to support@algocharge.com and ask for the ARN. In the email please Include the transaction ID, the refund amount, the clients email and refund date. 
I received a massage saying that the refund will be performed manually.
 This massage simply means that the refund did not go through the automatic system. We preform manual refunds twice a week – when manual refunds are processed. If this is a second partial refund, Please send an email to refunds@algocharge.com immediately with all the refund details and they will handle it.  
I made a refund and it wasn't processed / I can't see it in the BO.
If you don’t see a credit line in the back office, Please contact refunds@algocharge.com, with all the refund details: transaction ID, amount, transaction date and the refund sum.




What is KYC?

KYC is an acronym that stands for “Know Your Client”. It is a collection of documents that show who the client really is, where he lives and what cards he is using.

KYC documents include three major items:

  • Photocopy of the passport or other ID with photo. Preferably the ID will also contain the client’s signature.
  • Photocopy of both sides of the card used for the transaction. Make sure the back side of the card is signed.
  • Photocopy of a utility bill from the last 3 months. This needs to be an actual utility such as Gas, Water, Electricity etc.

It is very important to collect these documents in high quality, so they are easily readable.


Why should I collect KYC?

Unlike transactions made in the “real world”, where the merchant sees the client and physically holds his card, in the virtual world the merchant has no idea who the client is. We need to have some idea about who the client is, some proof that the card he is using to process does belong to him to protect ourselves as best we can from fraud.

When should I collect KYC from the client?

KYC needs to be collected prior to the client actually using the funds deposited for trading. This will give you the option to see how communicative the client is, how forthcoming he is, and in case you have doubt – you can refund him and avoid future chargebacks.

What is Retrieval?

A retrieval notification is an inquiry initiated by a cardholder directly to their Issuing Bank. This could be the first step in the chargeback process, or the cardholder is questioning the transaction and/or requesting more information. Issuing banks may also initiate a retrieval request for investigation purposes. At this point a chargeback has not been initiated, nor is there any financial impact (yet).

What is Chargeback?

A chargeback is a type of return that occurs when a cardholder asks its card issuer to dispute a transaction from their card statement. The card issuer will ask the cardholder to provide an explanation about why they are disputing the charge, and will inform the acquirer of the chargeback reason.

Chargebacks are being counted on your account and are a measure for fraud in the account. Also there is a fee for receiving a CB.

I received an email from retrievals@algocharge.com What is it ?

Whenever Algocharge receives a retrieval or CB notification, we upload it to our system, and automatically send you an email about it. Please do not overlook these emails as they need to be handled ASAP if you want to have a chance to fight the CB.

How do I handle these RTs/CBs email notifications ?

When you receive a notification, first note if it’s a retrieval or a CB notification, as you need to handle them differently.

  • Retrieval notification means your client is unsure of the transaction. What you need to do in this case is contact your client and try to see why he issued a retrieval and what can be done to appease him and solve this case. If you cannot reach the client or solve this issue with him, we recommend you refund the transaction rather than risk a chargeback.
  • Chargeback notification means that the acquirer has already deducted that sum from us, and we in turn, deduct it from you. If you believe the chargeback is unjustified, you can dispute it.
How do I dispute a Chargeback?

In order for you to send a proper dispute you need to first know what the Chargeback reason is. Then you need to send documents that disprove it. KYC alone is not enough proof, as usually is doesn’t answer the CB reason.

Your account manager have sent you the dispute form when you opened the account. If you don’t have it – please contact your account manager to get it.

Once you have all the documents please fill out the dispute form, attach all relevant documents and send to retrievals@algocharge.com.

Usually once the acquirer receives your dispute they will issue a reversal.

What is the timeframe for Chargebacks?

The timeframe for chargebacks depends on the chargeback reason and can be between 45 to 540 days.

To read more about it please see:

MasterCard Chargeback Guide (http://www.mastercard.com/us/merchant/pdf/TB_CB_Manual.pdf)

Visa Chargeback Management Guidelines (http://usa.visa.com/download/merchants/chargeback-management-guidelines-for-visa-merchants.pdf)

What is a Reversal?

A reversal is just what it sounds – a reversal of funds.

Once the issuer receives your dispute they will reverse the CB and give you the funds back.

Please note that at this point they have not yet checked you documents for their validity to the CB.

In our system a reversal will be seen as a new transaction with a description of “manual reversal”.

What is Pre Arbitration and Arbitration?

Once you’ve submitted a dispute to the acquirer they will usually issue an immediate reversal. Upon checking the documents, if they are found incomplete, irrelevant or inadequate, a pre-arbitration process will be issued. This is basically a second chargeback. This new chargeback will also be counted for the account.

If you believe your case is justified, adequate and strong, you may choose to fight the pre-arbitration in an arbitration process. This will require you to send new, better documents to prove your case. If you lose the arbitration process, you will be charged with an arbitration fee of 560 EUR per transactions.

What is a risk alert?

Our risk department is constantly working to check the accounts and protect them from fraud. When we come across a risk issue we will inform you of it. These email notifications are the risk alerts. In most cases you are asked to check your client and advise your conclusions. In some you are asked to provide high quality, full KYC of your client, and in some we will ask you to refund some transactions.

Please note that these alerts are very important, and ignoring them might cause us to block certain clients in the system or refund transaction on your behalf.

We would highly appreciate it if you share your conclusions with us, and keep us informed of any risk issue you come across in your account as well.

Why are you deciding for me?

We aim to keep you in full control of any process. However, we have a mutual goal to keep the accounts clean of fraud as best we can. Therefore, in cases we don’t get your response within the allotted timeframe, we must take action to prevent fraud and chargebacks in the accounts. We will of course notify you on any action taken.

Why are there so many limits to my account? I can't process

We have two types of accounts in our system: Aggregated accounts and direct accounts. Obviously, there are harsher limits on the aggregated account. These limits are mostly dictated to us by the acquirers. To ease the limitations in your account please contact your account manager and ask about a direct account.

Why are you blocking countries in my account? I can't process

As a veteran company in this business we accumulated a vast knowledge over the years. This knowledge helps us identify high-risk markets, and we block those on all accounts.

We can also block a certain country per your request.





November 27, 2014