eftpos launches a new dispute resolution service

Posted: 9 November 2017 2:14 pm

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The new service will ensure that your eftpos disputes are resolved faster by your bank.

eftpos has today launched a new dispute resolution service to ensure that when a consumer disputes a transaction it is resolved quickly and easily. The new centralised dispute-resolution service is a win for Australian consumers, and is designed to facilitate a better experience when raising incorrect eftpos transactions with their bank.

The new system offers one centralised place for banks to manage these customer disputes using one consistent format, allowing them to resolve consumer disputes more quickly and effectively.

eftpos acting CEO Paul Jennings said the new service will allow banks to deal with any eftpos transaction disputes effectively, which will in turn give a greater peace of mind for their customers. Jennings said this is especially important in today's digital world, where eftpos purchases are made on the go simply by swiping a debit card. Just last month in October eftpos partnered with ANZ and Apple Pay, allowing ANZ customers to use the digital wallet to make real-time eftpos purchases with their smartphone or Apple Watch.

"This new Member service is intended to lead to more efficient operational processes and reduced manual intervention; delivering greater consumer satisfaction through a streamlined, consistent and timely industry practice for resolving eftpos disputes. This service becomes increasingly significant, supporting consumer comfort levels, as eftpos moves into digital payments and eftpos Tap & Pay."

The most common eftpos disputes consumers raise are if they see a transaction with an unfamiliar merchant, if they've been charged more than once for the same product or service, or if they've been charged for a product or service they never received. The last example can be more common when buying products online.

If you have an eftpos transaction you believe is incorrect, eftpos advises consumers to follow these steps:

  1. Speak to the merchant. You should always raise the issue with the merchant first. Often, they could solve the dispute for you straight away.
  2. Raise it with your bank. If the merchant cannot solve the dispute, raise it with your bank that issues the debit card. Consumers must report any incorrect eftpos transactions with their bank within 210 days of the transaction being made.
  3. Your bank will take care of the rest. Your bank will take care of the rest, with the help of eftpos' new centralised dispute resolution service. eftpos advises that this process could take up to 55 days or longer.

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