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Finance: What is Chargeback? 2 Views
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Description:
What is Chargeback? In the age of digital eCommerce and plastic over cash, the Chargeback is the electronic version of the refund. Chargebacks credit the account from which funds were previously deducted. Usually chargebacks occur when someone successfully disputes a charge to their account, either by error, fraud, an item return, or a problem with the service or merchandise.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Bonds
- Terms and Concepts / Credit
- Terms and Concepts / Regulations
Transcript
- 00:00
Finance a la shmoop what is a chargeback? oh people it's death by credit card for [Person swipes credit card]
- 00:09
the company the company who sold you a $25 a month
- 00:12
JDate platinum account membership and now you're disputing that charge
- 00:17
claiming it's false especially to your husband and you are charging back that
- 00:23
25 bucks to the kindly loving people at JDate they note that this is a huge
Full Transcript
- 00:28
problem for them because if they violate a given ratio of chargebacks to
- 00:33
successful uncontested charges say that threshold is 2% of all charges being
- 00:39
charged back well then JDate runs a very high risk that their ability to even use
- 00:45
the credit card system will be taken away by the credit card companies that [Man discussing chargebacks]
- 00:50
is Visa MasterCard and AMEX could collectively say we don't want you [VISA, Mastercard and AMEX appear together]
- 00:56
anymore as a client and if they do that unless they're ready to take cash in the
- 01:01
mail or paper checks which is well just not how people buy things on the [Person places check in the mail box]
- 01:05
internet stripe, Square, Apple pay, PayPal venmo all those services combined make
- 01:11
up like 5% or less of all payments made online why well simple people like their
- 01:16
plastic so yeah charge backs are a dangerous thing for little companies
- 01:21
when they go wrong and for consumers they're a big fat weapon to go get your [Woman carrying rocket launcher of charge buybacks]
- 01:26
charges back and it's a bad thing when all this goes wrong just like online
- 01:32
dating you want to be careful out there people
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