Cardholders have the right to file a chargeback, but where does that right come from? Are there chargeback laws on the books guaranteeing consumer protections against fraud? Let’s have a look at the key pieces of legislation and regulations that enable customers to file chargebacks, and try to decode them a little. What are Chargebacks? In simple terms, chargebacks are disputed transactions. These are charges that customers dispute on their credit cards for different transactions. When a dispute is made, the merchant reverses the transaction and the customer receives his money back. Chargebacks are meant to protect consumers from unauthorized transactions. Chargebacks and Profit Splits: In addition, the issue of chargebacks often determines the percentage of profits that will be paid to the sales agent. The legal principles discussed herein were accurate at the time this article was authored but are subject to change. Intended to protect consumers from fraudulent credit card charges, chargebacks can be very expensive for small business owners. They can occur up to a year after the sale and do not require the return of the disputed merchandise, so merchants potentially lose both money likely already spent and the item in question. Chargebacks are forced transaction reversals initiated by the cardholder’s bank. They are meant as a consumer protection mechanism, but are often overutilized. They can be a frustrating threat to your livelihood, or a shield between you and dishonest merchants. The chargebacks fees are just an additional thorn in this scenario. However, some merchants will submit a response. But they must aggregate compelling evidence related to the chargeback. Their evidence is spread across various data sources.
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