Chargebacks occur when a customer disputes a card transaction in order to receive a refund for a purchase.
For advice on this subject, read our blog post outlining 9 ways you can combat chargebacks.
A dispute is the potential return of funds to the consumer, initiated by the issuing bank as a chargeback request from their client.
Before submitting the dispute on behalf of the client, the issuing bank should first request an explanation of the problem from the cardholder and determine if a dispute situation exists. The issuer will then return the purchase back to the Acquirer, stating the amount and reason for dispute.
For more information on the dispute process and tips to prevent disputes, take a look at this Dispute Guide for Business Owners.
Dispute processes are slightly different depending on whether they came from Mastercard or Visa. You can read all about each one in this dispute guide.
Don’t stress, take a look at this dispute guide that will help you through this process.
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