Each day millions of cardholders use their credit cards and the vast majority of these cards transactions are accepted and paid for by the cardholders. However, a small number of these transactions are disputed. When a card transaction is disputed, the chargeback process is followed.
What is a chargeback?
Chargeback, means a credit card transaction is returned to the acquiring bank (Nedbank) by the issuing bank (cardholder’s bank) and which may be debited to the merchant’s bank account. A chargeback transaction may result in financial loss to the merchant, if the necessary documentation is not produced
Nedbank Limited Reg No 1951/000009/06, VAT Reg No 4320116074, 135 Rivonia Road, Sandown, Sandton, 2196, South Africa. We subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. We are an authorised financial services provider. We are a registered credit provider in terms of the National Credit Act (NCR Reg No NCRCP16).
