What about Cancellations, Refunds and Chargebacks?

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In case the terminology is a bit unfamiliar: a payment can only be cancelled if it has not been settled. This means that only same day (until 22:00) transactions can be cancelled. A refund is a credit you issue to a customer, e.g. because they returned their product. A refund can either be partial or full. 

Both cancellations and refunds are very different from a chargeback, which is what happens when a customer contacts their bank and demands that the bank get their money back from you.