Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Chargeback
A chargeback occurs when an end customer contacts his bank or credit card issuer and objects to a credit card charge. The bank (or issuer) will, after checking, credit the amount back to the end customer. In the case of the merchant or payment provider, the amount is charged back by the acquirer.
Chargeback online
This is therefore a cancellation that involves considerable effort. A comprehensive review must take place to verify the inadmissibility of the direct debit. For this purpose, the bank contacts the merchant or service provider to verify the legitimacy of the transaction. The costs for this shall be borne by the payee. However, this shall not affect the right to take legal action to resolve the dispute.
The cost of a chargeback
The cost of a chargeback ranges from 20.00 to 60.00 euros. To ensure compliance, acquirers can also charge a penalty for each chargeback. It is therefore imperative to keep the chargeback rate as low as possible.