We’ve written several blogs about chargebacks recently. Why have we devoted so much time to this topic? Because while hopefully chargebacks won’t happen all that often, when they do they can dramatically affect your business. We’re going to dive into the topic again today, and we’ll also introduce you to a related issue – retrieval requests.
Chargebacks can be a major hassle for business owners, and they can really hurt your bottom line. When a customer disputes a charge with their bank and the money is returned to that customer, they get to keep the merchandise and you get to pay a chargeback fee to the bank – ugh!
When accepting payments, whether in person, over the phone or over the internet, you as the merchant can always be held liable for a chargeback. It is important to understand the chargeback process and your responsibility as a merchant.