What is a Chargeback?

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Chargeback means refund / return of funds to the buyer. Here the bank reverts back the transaction between the buyer and seller when chargeback is initiated. A chargeback is initiated by the buyer when the service / product provided the seller / service provider is not satisfactory. However the buyer will have to contact the issuing bank, and provide substantiate proof of deficient service / product in order to file a chargeback.

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