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What is Chagrbacks And How Chargebacks Affect Merchant?

Are you new to the eCommerce business world or thinking about starting an online business or even contemplating expanding your existing business by opening an online store? If so, you must become familiar with the chargeback system for the simple reason that unchallenged chargebacks have the potential to significantly reduce your profits from online sales and can even threaten the future existence of your business.

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What is Chagrbacks And How Chargebacks Affect Merchant?

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  1. MERCHANT STRONGHOLD HIGH RISK BUSINESS SOLUTION HIGHRISKMERCHANTACCOUNT 10300 49TH STREET N SUITE 427 CLEARWATER, FLORIDA 33762 HTTPS://WWW.FACEBOOK.C HTTPS://TWITTER.CO HTTPS://WWW.INSTAGRAM.C OM/MERCHANTSTRONGHOLD M/MERCHANTSTRONG OM/MERCHANTSTRONGHOLD/ OUR WEBSITE - WWW.MERCHANTSTRONGHOLD.COM   CONTACT US - +1 (888) 622 - 6875

  2. WHATISCHARGEBACKS AND HOWCHARGEBACKSAFFECT MERCHANT? The Chargeback System was introduced to help consumers feel safe when making online payments. In 1968 the United States passed the federal “Truth in Lending Act” and the “Consumer Credit Act 1974” was enacted by the United Kingdom. Both of these laws were specifically designed to promote the informed and safe use of credit cards.

  3. Chargebacks are very different from traditional refunds. Traditional refunds are made when a consumer contacts a merchant directly and funds are voluntarily returned to the consumer by the merchant. Chargebacks occur when a consumer goes directly to their bank or credit card company to report a fraudulent or disputed transaction. If the bank or credit card company believes the cardholder’s claim to be valid, they will demand that the merchant’s credit card provider make good the loss, which results in the funds being immediately removed from the merchant’s bank account and returned to the consumer’s bank or credit card account. It’s not possible to avoid a few legitimate chargebacks; however, there has been a significant increase in friendly fraud and the chargeback system has become a favorite tool for cyber criminals.

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