Term: Chargeback

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A chargeback is any payment card transaction that is billed back to the merchant after the sale has been completed. A chargeback is initiated by the cardholder’s card issuing bank or financial institution on behalf of the cardholder in disputes about the transaction. Credit Card Association regulations generally require the issuing bank to urge the cardholder to attempt to contact the merchant directly to settle the dispute before a chargeback procedure is initiated. The most common reasons for chargebacks are non-delivery/damage of merchandise, disputes about the quality of the merchandise, and failure of the merchant to issue a timely refund. Chargebacks may also occur in fraud cases.

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