Timeline of A Chargeback
Chargebacks are not refunds!
Chargebacks are a mechanism in place to protect the consumer, in case they receive a deficient product or service and the merchant refuses or is unable to refund them (for example, if the merchant went out of business). However, sometimes consumers do not understand the nature of chargebacks and assume they’re just like refunds—and they couldn’t be further from the truth! A chargeback has a negative impact on the merchant, and too many chargebacks can result in a merchant account being terminated by the payment processor and the merchant potentially being placed on MATCH.