Chargeback refers to a dispute arising when the cardholder contacts the bank with a request to cancel the transaction. The right to object to a payment should improve the security of online transactions, but it also comes with significant inconvenience to business. When a user initiates a chargeback, the bank will withhold the claimed amount until the investigation is completed. After that, the bank either returns the funds to the user or gives it to the merchant. This process is quite lengthy and requires the provision of certain documents.
Reasons for the occurrence of chargebacks
The cardholder did not make a purchase, but the funds were debited. To ensure the security of payments, you should use only reliable payment service providers. They have in their arsenal all the necessary methods to combat fraud.
There are times when the user paid for the product and he did not come. In such cases, clients can initiate a chargeback procedure. A way out of the situation can be tracking parcels in real time.
Dissatisfaction with a product or service
There are times when a product arrives damaged or its characteristics do not correspond to the declared ones.
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