Chargebacks on Credit Card Purchases Cost Billions Annually in Lost Revenue
Although you may not have ever heard the term “chargeback,” you might be familiar with the concept.
A chargeback is essentially a refund performed at the bank level. After completing a transaction, a dissatisfied cardholder’s bank forcibly withdraws money from a seller’s account and returns it to the cardholder.
Chargebacks were originally devised as a form of consumer protection. However, many consumers use chargebacks as a way to take advantage of e-retailers, often without even knowing that they’re doing it. Read more