Dealing with credit card chargebacks after close of business?

[jeromedawg]

Hey all,

After selling their business my in-laws are still getting chargebacks to their bank account. Is there a statute of limitations as far as how long these chargebacks are valid after a business is closed? They officially handed the business over to a new owner 1/21/19 and she implemented a new POS. So any of these chargebacks would have been from prior to 1/21

[EngagedToFIRE]

Wouldn't that suggest the chargebacks belong to your parents and this is how it should be?

You would need to check the individual credit cards terms for chargebacks.  There are different time thresholds for different types of chargebacks. 

[cchrissyy]

the answer would be found in the contract they had with their credit card processing company

[jeromedawg]

Thanks all. The sales agent who they've been working with said customers have up to 3 months, so since they handed business operations over on 1/21, I think this means that on 4/20 they should be able to close out their account permanently.

One other question though: with these chargebacks, is it possible to request that the processor send out invoices instead of debiting directly from their account? The main thing here is that they don't want to keep their account open due to suspected fraud which may or may not be directly to the current credit card processing company and their agent (we feel iffy about this agent of theirs, so we also don't want to show our hand and tell him we're closing the account, lest he tips it off etc).