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Understanding Chargebacks and Their Impact
Chargebacks are a critical issue for any business that accepts credit card payments. When a customer disputes a transaction, the bank reverses the payment, resulting in a chargeback. This not only leads to revenue loss but can also impact your business's reputation and increase operational costs. According to a study by Javelin Strategy & Research, chargebacks cost merchants over $31 billion annually1. Understanding how to manage and prevent chargebacks is crucial for maintaining your bottom line.