Merchant ChargeBack Insurance

BankCard Central provides qualified merchants’ access to charge back insurance protection against cardholder fraud on Card-not-Present credit card transactions when: 

1. A Lost or Stolen Credit Card – is used before the card owner detects it is missing;
2. Card Generators or Counterfeit Plastic Cards – with fraudulent credit card numbers generated using software programs. 
3. Identity Fraud -- the identity of a card holder is stolen and assumed by thieves.
4. Post-Purchase "Ship To" Changes -- After a valid transaction has been made by the real card owner, thieves use the site's customer service screens to gain information necessary to "assume the identity of the order owner" and request a change in "ship to," having the goods delivered to an alternate address of their choosing. 

The Merchant will be reimbursed for the cost of the stolen product or services, the loss of profit, and the charge back processing cost.  The policy covers only losses on credit card transactions processed through BankCard Central and VerePay when its fraud detection software and risk management systems are used by the merchant.

The policy excludes loss caused by an employee, or director, of the merchant company, mechanical failure or an “error or omission” in programming or when the "ship to" address is in Russia, Nigeria or Romania.  Rates and deductible are calculated based upon each merchant’s experience.