Concept
Literal meaning: reverse write-off, return payment.
A term from the world of finance, from the banking sector.
Usually, a refund by bank card is resorted to when there is a disagreement between the buyer and the seller. However, if the cardholder mistakenly sent money to the wrong person, voluntarily transferred it to scammers, or made a bad investment, the chargeback will not work.
The process of returning a payment via chargeback involves: the buyer’s bank, the seller’s bank and the payment system through which the payment was made.
