CallStreet Global Services Interview Questions and Answers

Chargeback process is a dispute resolution process initiated by a cardholder's bank to recover funds from a merchant.

• Chargeback is initiated by the cardholder's bank

• It is a dispute resolution process

• It is used to recover funds from a merchant

• Chargeback can be initiated for various reasons such as fraud, goods not received, etc.

• The merchant has a chance to dispute the chargeback

Chargeback is a process where a cardholder disputes a transaction and the funds are returned to them.

• Cardholder disputes a transaction with their bank

• Bank contacts merchant's bank to initiate chargeback

• Merchant's bank investigates and responds with evidence

• If evidence is insufficient, funds are returned to cardholder

• If evidence is sufficient, chargeback is denied

Preventing chargebacks requires a multi-faceted approach.

• Ensure clear communication with customers regarding billing and refunds

• Use fraud detection tools to identify and prevent fraudulent transactions

• Provide excellent customer service to address any issues before they escalate to chargebacks

• Implement a chargeback management system to track and respond to chargebacks

• Regularly review and update policies and procedures t

A card network is a system that facilitates the transfer of funds between financial institutions and merchants.

• Card networks act as intermediaries between merchants, cardholders, and issuing banks.

• They set rules and standards for transactions and ensure security and fraud prevention.

• Examples of card networks include Visa, Mastercard, American Express, and Discover.