Glossary

Credit Card Refund

A credit card refund happens when a consumer who is dissatisfied with a purchase, contacts the merchant, and asks for a money return. For example, a lady saw a crack on a new cup she ordered. She approaches a merchant immediately. Then, he returns the money. He can also offer to ship her a new cup. However, it won’t be a credit card refund. It will be just a refund.

What is the difference between a chargeback and a credit card refund?

People apply for a chargeback for three reasons. First, is when they didn’t get an answer from a merchant while trying to get a refund. Second is when a merchant refuses to refund. The third is when they deny the purchase or claim it to be fraudulent. To apply for a chargeback, the consumer contacts the eminent banks (the bank he got his credit card from). The bank then decides whether the chargeback is valid. The merchant doesn’t participate in the process. If the bank finds the chargeback legitimate, the funds are automatically withdrawn from a merchant bank account and are transferred to the client’s bank account. Refunds are less dangerous to merchants than chargebacks as they don’t affect the processing history.

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