Part 1: What is a Chargeback?
This is the first part of a multi-part blog series focusing on chargebacks. As the other parts are published, links to them will be placed below.
What is a Chargeback?
A chargeback is the result of a customer disputing a charge on their credit/debit card. They can be initiated for a variety of reasons, but all lead to the same result; money paid to your organization is removed from your bank account and returned to the customer without your consent. The chargeback process is designed to increase customer confidence, but, unfortunately for business owners, has become a tool for part-time fraudsters to get free stuff. The fraudulent use of chargebacks is often called “chargeback fraud,” “friendly fraud,” or “online shoplifting.”