Understanding the Dispute Process: What to Expect During a Chargeback
The phrase “chargeback” has spread widely in today’s digital economy, where transactions take place on international borders and via online payment gateway . A chargeback is a procedure that enables customers to contest a transaction and ask their bank or credit card company for a return. Both businesses and customers may find this procedure to be confusing and frustrating. To properly prepare you, we’ll walk you through each stage of the chargeback process in this blog. Step 1: The Dispute Initiation When a customer discovers an unusual or unauthorised payment on their credit card statement, the chargeback procedure typically gets started. They might not have received the item, had subpar service, or been the victim of fraud. In these situations, the customer files a complaint with their bank or credit card company. The issuer then looks into the claim to see if it is true. Step 2: Issuer Investigation The issuing bank launches its investigation as soon as a dispute is filed. They