Chargebacks occur when a customer disputes a transaction with their bank, resulting in the reversal of funds and potential fees for the merchant. Avoiding chargebacks is essential for businesses to protect their revenue and maintain a positive reputation.
Preventing chargebacks requires a proactive approach. Businesses should establish clear and transparent policies regarding refunds and cancellations, effectively communicate these policies to customers, and provide excellent customer service to resolve any issues promptly and amicably.
