Archive for August, 2014
Sometimes everything starts with a misunderstanding between a seller and a buyer, as the result there appears a conflict over a transaction. And in order to solve it a buyer turns to his issuing bank filing papers to initiate a claim. Basically this is how a chargeback appears.
A chargeback is a forced return of a transaction to a buyer after it was completed. A reverse is available only to those who use their credit or debit cards for purchasing goods and services. And it is always advised as a last resort that a buyer can turn to if a communication with a seller is failed.
However, a chargeback can also be confused with such a concept as a refund, meanwhile these are two completely different terms. A refund is an agreed and simple return of funds from a merchant to a consumer. In other words this is a settlement directly between a seller and a buyer without an issuing bank being involved.