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 ?
When starting to do business with new, large retailers, review their chargeback schedule of fees.
Chargebacks911 and The Chargeback company provide cutting-edge, highly scalable enterprise solutions and specialized consulting for chargeback compliance, risk mitigation, and dispute management to acquirers, card issuers, and large-scale merchants.
All participants including Ethocas network of more than 545 card issuers get more value by reducing fraud losses and eliminating more chargebacks.
As Mobius Payments CEO Mia Hyun explained it, "Most chargeback disputes would probably be resolved if the buyer took the time to contact the merchant ahead of time; but the reality is, very few buyers reach out to the merchant until after they have started the chargeback process; and by that time there is very little the merchant can do other than take the time to fight it or accept the chargeback and the accompanying fees.
Amarkant Singh, Head of Product, Botmetric, said that he was happy to unveil the Internal Chargeback Support during the AWS Summit Mumbai.
Midigator has developed software that provides real-time merchant account monitoring and fights chargebacks to win revenue back for merchants.
Ask it to do a chargeback to query the payment and ask the retailer to refund the money.
Chargebacks occur when cardholders call their issuers to request a refund for a purchase made on their credit card when they have a merchant dispute.
The ones who do not pick up the phone are the ones doing the chargebacks and will not tell us in advance that they are doing the chargeback.
A spokesman for the firm said the refunds would be available from banks via the Chargeback scheme, which effectively reverses payments made on debit and credit cards.
CrediMax, the first credit card issuer and acquirer in the Kingdom of Bahrain in coordination with its partner, Global Payment Service (GPS), recently held a three-day training session on efficient card chargeback and brand settlement processing for the employees of Trade Bank of Iraq.
When a customer is dissatisfied with an online purchase and demands a refund from their credit card company, a chargeback is filed against the merchant that reverses the associated transaction, resulting in a lost sale in addition to the loss of merchandise associated.