What is Payment gateway?
Chargeback: A demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.
Chargeback: A demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.
Introduction: A chargeback occurs when a credit card holder disputes a charge on their statement and requests a refund directly from the card issuer. Originating as a consumer protection mechanism, chargebacks protect customers from unauthorized transactions and unsatisfactory purchases. However, for businesses, they can represent a significant challenge, leading to lost revenue, additional fees, and potential damage to their reputation.
Reasons for Chargebacks:
Implications for Businesses: