Yes, that can absolutely happen if you don't have the right controls in place. If you get too many chargebacks, the card networks will kick you from the system.

Card testing won't (usually) do it, because that doesn't (usually) generate chargebacks[0], but yes, you will absolutely get smacked with fees if it happens. It really sucks.

https://stripe.com/resources/more/chargebacks-101

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[0] it totally can, but card testers usually try to fly under the radar somewhat