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Definition Edit

A chargeback is

[a] transaction generated when a cardholder disputes a transaction or when the merchant does not follow bankcard company procedures. The issuer and acquirer research the facts to determine which party is responsible for the transaction. If the merchant is unable to pay, the acquirer will have to cover the chargeback.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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