Chargeback


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Chargeback

A refund made by a credit card company to a credit card holder. Chargebacks occur when a card holder disputes an item on one's credit card statement, usually because he/she claims that he/she never authorized the charge. For example, if a person is a victim of identity theft because someone stole and used his/her credit card, that person may receive a chargeback on all unauthorized transactions. Other reasons for receiving a chargeback include receiving goods late or damaged, or not receiving them at all.
References in periodicals archive ?
Instead, it indemnifies a third part--the card issuer (who in turn indemnifies the cardholder)--in the event that a merchant cannot cover a chargeback.
Chargebacks occur for several reasons, including unauthorised use of a credit card masquerading as fraud, but too many examples can lead to a company losing its merchant credit-card account.
Chargeback also allows telecom/IT to offer business units premium services--services it can't deliver on an enterprise-wide basis and that can't be supported without earmarked funding.
The partnership agreement has a minimum gain chargeback provision.
Recent advancements in chargeback methodologies have occurred out of necessity; technological advances leading to multi-programming and multi-processor computer systems have resulted in increasingly complex chargeback systems so as to permit the allocation of hardware, software, and data processing personnel costs to multiple and simultaneous users.
To further operationalize, pharmaceutical distributors would, directly or indirectly from their customers, secure the requisite chargeback detail from the P-O-S claims and provide an efficient and effective process for manufacturers to make pharmacies whole, meeting or exceeding the mandatory 14-day prompt pay requirement.
To protect pharmacies, the proposal would obligate manufacturers to assure they give pharmacies chargebacks that reflect price concessions to PDPs/PBMs.
According to Finextra, Adam Sharpe, Cardstream's CEO, said, 'MOTO merchant operators are vulnerable to damaging levels of chargeback fraud.
If you paid by debit card, ask your bank to refund you using the Chargeback scheme.
PayPal says on its website: "A chargeback happens when a buyer asks their credit card issuer to reverse a transaction that has already cleared.
Monica Cardone, cofounder and chief operating officer of Chargebacks911, a division of Global Risk Technologies, Tampa, Fla., says that a recent chargeback analysis she conducted, based on issuer behavior for "risky industries"--such as diet products, digital recurring subscriptions, health and beauty, and men's and women's tangible goods--verify that chargeback percentages indeed are higher in these categories than in others.
Consumers do have recourse if a fraudulent purchase is made using their Apple Pay account -- they may file a chargeback.