The credit card holder reimburses the cardholder if the charges are fraudulent. If you legitimately sent out the merchandise and can prove it, you are entitled to the payment. (Of course, if you recovered some property you should refund those fees since you did not in the end deliver the merchandise. Do you still have the funds?).
Check your merchant services agrement with the card processor. Usually, they state that for chargebacks if there is a problem with the merchandise or it was never sent, the cardholder gets a chargeback. Generally they do not make you liable if you actually sent product and did what you were supposed to.
The thing that I would do immediately is to switch credit card processors before they can blackball you. Open up a new merchant account elsewhere right away. You may not be able to get your $47,000 reserve back but at least you will be able to operate your business after this mess is over.
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