Which of the following describes a common characteristic of chargebacks?

Chargebacks represent a mechanism that allows consumers (cardholders) to dispute a transaction on their credit card account, and this process typically requires resolution between the cardholder and their bank (the acquirer). When a chargeback is initiated, the acquirer communicates with the merchant to investigate the legitimacy of the transaction and the reasons behind the dispute. This interaction is crucial as it helps to determine if a refund should be processed back to the cardholder's account based on the findings of the investigation.

This aspect of resolution is common in the chargeback process, emphasizing the involvement of both parties to arrive at a fair outcome. Understanding this dynamic is essential for anyone dealing with payment transactions, as it reflects the checks and balances in the payment ecosystem designed to protect consumers.