What is a chargeback?

A chargeback is a process initiated by a bank to reverse a credit card transaction. It is a way for customers to dispute a transaction and have the money refunded to them. This process is regulated by credit card companies and enforced by state and federal law. In New York, a chargeback may be triggered if the customer believes that they were charged by mistake, if the product or service they received was not as promised, or if the customer was charged for something they did not authorize. The customer can initiate a chargeback by filling out a dispute form and submitting it to their credit card company. When a chargeback is initiated, the credit card company reviews the transaction and decides whether or not to honor the chargeback. If they decide to honor the chargeback, the customer’s credit card account will be credited with the disputed amount and the merchant’s account will be debited for the amount of the chargeback. In the event of a chargeback dispute, the credit card company may require additional information from both the customer and the merchant. The merchant may also be required to take steps to prevent future chargeback disputes. It is important for merchants in New York to be familiar with the chargeback process, to ensure that they understand the possible consequences of a chargeback, and to take steps to ensure that chargeback disputes are avoided in the future.

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What is a chargeback?

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