Chargeback - is an amount that has been successfully returned to the payment card of the parents after being deposited into the center's account. This happens when the parent has any dispute regarding the payment made and they take it to the banks for a chargeback.
A chargeback can happen for both card and ACH transactions. It can happen for direct family portal payments and director initiated batch payments.
Example :
Willie Wolf made a payment of 50 USD to the center's account and it got successfully deposited on 12/23/2021.
The same transaction reflected on the family's ledger records,
After some days Willie Wolf raised a dispute with the bank regarding the 50 USD payment and got the chargeback. So the status of the 50 USD payment in the family's ledger records has been changed to Card Payment Disputed (Chargeback).
An email notification is sent to the director stating the chargeback after the successful card payment dispute.
