Some businesses are letting at least half of all chargeback cases go unanswered, which is causing significant financial losses.
According to Chargebacks911, a Tampa Bay, Fla.-based dispute mitigation company, online retailers are drawing a $279 loss for every $100 of fraud loss, partially attributed to chargebacks and their associated costs, the firm said citing data from LexisNexis and Yahoo.
A chargeback occurs when funds are returned to a consumer that is initiated by the issuing financial institution of the instrument used by that consumer to settle a debt. It is typically a reversal of a prior outbound transfer of funds from a consumer's bank or credit union account, line of credit or credit card.
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