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Chargebacks Explained in Plain English - This is Payments #shorts #payments #legalservices
Transcript
00:00In payment processing, we have chargebacks.
00:03Chargebacks are disputed transactions.
00:05A cardholder generally can dispute a transaction any time
00:08that they want.
00:09Interesting thing about the card associations
00:11such as Visa and MasterCard, they're
00:13both the issuer of the credit card,
00:15and they're also sort of the acquirer oversight.
00:19So they handle both aspects.
00:21But the issuer has customers called cardholders,
00:25and the acquiring side has customers called merchants.
00:28And sometimes their rights and desires and goals
00:32are opposed to one another.
00:33In the area of chargebacks, this always occurs
00:36because a cardholder is disputing whether or not
00:38they got the goods, whether or not the goods were conforming.
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