CHARGEBACK Definition

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CHARGEBACK, in the credit industry, occurs when a credit card processor 'charges back' to the merchant the cost of returned items or incorrect orders that the customer claims were made to his or her credit card.

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LONG-TERM LIABILITIES are liabilities of a business that are due in more than one year. An example of a long-term liability would be a mortgage payable.

EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) is an employee benefit to acquire ownership of shares in their company without necessarily laying out personal capital.

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