As someone who processes payments online, it is crucial to understand the chargeback process in the event that a chargeback is filed against your business.
A chargeback is a transaction reversal that protects consumers from potentially fraudulent activity. Chargebacks are filed by the consumer with their banks when they feel a suspicious transaction has taken place on their credit card.
- You can dispute a chargeback by submitting documentation that supports your side of the story.
Good to know:
- The outcome of a chargeback is determined by the consumer's card network (Visa, Mastercard, AMEX, Discover).