New Video Feature Dives into the Visa Rule Overhaul
Haven’t done your research on Visa Claims Resolution yet?
Visa Claims Resolution, or VCR for short, is the card association’s new global framework for initiating, processing, and resolving transaction disputes. Now you can throw everything you thought you knew about Visa chargebacks out the window, because VCR rebuilds the entire process from the ground-up. It’s a confusing, chaotic process, and there’s not much information out there to clarify what all these changes mean.
I recently sat down with Lloyds Bank Cardnet® to provide a quick, concise overview of VCR and how if can impact your business.
Why the Change?
Even consumers who closely follow best practices to protect themselves against fraud can find themselves a victim of criminals. Chargebacks are an important consumer protection mechanism; they basically act as consumers’ “insurance” against fraud, giving them some way to recover their money if they’re hit by a fraudster.
However, chargeback regulations and processes have hardly changed at all since the 1970s. They don’t account for the realities of the contemporary eCommerce environment. As a result, most chargebacks filed these days are friendly fraud, rather than genuine criminal fraud.
Visa Claims Resolution represents a major step toward bringing chargebacks into the 21st Century…but that doesn’t mean it’s going to be a smooth transition.
The company provided some basic information on the subject, but a lot of this can still go over merchants’ heads. Plus, it doesn’t offer a very comprehensive look at how this will work, what you should prioritize, or how it will ultimately affect your bottom line.
As I see it, there are three key factors to ensure you’re ready for Visa Claims Resolution. Check out the video to learn more!
About Lloyds Bank Cardnet
Lloyds Bank Cardnet has been among the UK’s premier merchant services and processing providers since 1997. The company also benefits from centuries of history and expertise associated with the name Lloyds Bank.
Lloyds Bank Cardnet works with entities of all sizes, from local businesses to international retailers, to enable day-to-day transactions and help businesses grow. Find out more here.
