- Customer disputes the transaction.
- Issuer sends the transaction back to the acquirer.
- Acquirer receives chargeback, resolves the issue or forwards it to the merchant.
- Merchant either accepts the chargeback item or addresses the chargeback issue and resubmits the item to the acquirer.
- Acquirer reviews the information received from the merchant.
- Issuer receives the represented item.
- Customer receives the dispute resolution information and may be re-billed or credited for the item.
Source: usa.visa.com (10/8/2014)