Visa is only three months away from launching an update of their dispute settlement process—the Visa Claims Resolution (VCR). And in attempt to help retailers understand the new adjustments, Chargebacks911 (a.k.a. The Chargeback Company) is already advising retailers on what to anticipate.
The updated VCR is intended to change the worsening chargeback situation. Universal card fraud losses may double (from 22.8bn to 43.8bn) between 2016 and 2025 period— as disclosed by the Nilson Report. Surprisingly, “friendly fraud” or scam committed by customers account for the majority of these losses. And because the dispute process is the only way merchants can fight friendly fraud, many begun waiting with bated breath when Visa promised to augment chargeback resolution.
With the edited Visa Claims Resolution scheduled to get underway as of April 15, 2018, Chargebacks911 is already breaking down the process to simplify things for acquirers & merchants— and advising them on the new requirements. According to Monica Eaton Cardone, Chagerbacks911’s Chief Operating Officer, the VCR is only as effective as the retailers’ understanding and preparedness for it.
The main changes VCR has made include;
• Shortening dispute resolution procedure to speed up the process
• Categorize reasons into codes as MasterCard did … Read More