In simple words, chargeback is a dispute against a particular transaction raised by the customer (end-user), and reported to their issuing bank.
Generally, chargebacks can be associated with unsatisfactory customer service/product or poor service delivery experience. Chargebacks can also be filed if the customer suspects any fraudulent activity on their account.
Customer has to file a chargeback complaint to the bank against the transaction amount he has not received after which the parent bank has to take into consideration and credit the amount to the end user.
Updated over 1 year ago