A chargeback is a reversal of a credit card transaction, typically initiated when a customer disputes the legitimacy of a financial transaction with a merchant. When a chargeback occurs, the amount of the transaction in dispute is taken back from the merchant’s account, often together with an additional bank payment processor fee, and the amount will not be returned unless the merchant can prove the original transaction is legitimate. If the merchant cannot prove the legitimacy of the original transaction, the merchant stands to lose the product sold, payment for the product, the transaction processing fees, applicable currency conversion commissions, and the penalty of additional chargeback processing fees, if any.
Because CashBox includes Vindicia’s ChargeGuard (Your Chargebacks. Our Problem.), Vindicia fights, resolves, and wins chargebacks for you. Because you are configured to take advantage of the ChargeGuard Fraud Screening tools, chargeback protection begins the moment a customer engages in a transaction with you, because Vindicia calculates and reports the risk of a chargeback for the transaction at the time of the transaction. The chargeback risk and the explanation for the risk assessment are stored as part of the transaction record, which you can view.
If a chargeback occurs, it is stored in your merchant account as a separate CashBox Chargeback. A CashBox Chargeback encapsulates a detailed record of the chargeback and its history, including the original transaction or transactions it applies to. Use the CashBox portal to search for Chargebacks made against your merchant account. You can view detailed information about individual Chargebacks, and download Chargebacks to a spreadsheet.