Chargebacks:

Chargebacks occur when a customer disputes a charge on their credit card statement and asks the card issuer for a refund. These disputes can arise due to multiple reasons such as fraudulent activities, dissatisfaction with the product or service, or technical problems.For e-commerce businesses, chargebacks can prove to be expensive and harmful as they can lead to lost revenue, fees, and a negative impact on their reputation. To minimize chargebacks, businesses can adopt different strategies such as enhancing customer service, offering precise product descriptions, or incorporating fraud prevention measures.