A chargeback is when your business has a credit card payment reversed after the customer raises a dispute directly with their bank about a charge your business applied.
The mechanism means that the cardholder can go to their bank and ask it to get the money back from the merchant — like a refund but from the other side of the transaction.
In the most basic terms, it’s the reversal of a credit card payment.
To help you understand chargebacks and how they affect your business, we’re going to look at:
- The biggest misconception when it comes to chargebacks
- How can Kovena help with the chargebacks?
- How can a hotel make their business chargeback proof?