What is a chargeback fee?
A chargeback occurs when a customer calls their credit card issuer bank to force the return of funds already paid. When a situation like this occurs the funds are immediately withdrawn from the merchant’s bank account and an investigation takes place to check the legitimacy of the transaction. If the transaction is determined to be legitimate the funds are returned to the merchant. If the transaction cannot be confirmed, a chargeback fee will be charged to the merchant.
The good news is that since you are using MagicPay’s mobile app, you capture the customer’s signature and a map showing where the transaction took place. As a result, it is extremely rare you will ever pay a chargeback fee while using MagicPay services.