Chargeback
A forced reversal of a card payment initiated by the cardholder's bank, often weeks after the transaction.
A chargeback happens when a customer disputes a card payment with their bank and the bank reverses it, pulling the money back from the business — sometimes months later. Even when the business did nothing wrong, it can lose the funds, the goods or work already delivered, and pay a dispute fee on top.
Chargebacks are a card-network mechanism, so they only exist where cards are involved. Payments made bank-to-bank through open banking are not subject to card chargebacks.
Because CASHBOX is funded via open banking rather than cards, sellers are not exposed to surprise chargebacks.