After running successful tests with a few select merchants in 2016, Visa launches 2017s new initiative to assist clients in solving chargeback claims. The Visa Claims Resolution (VCR) aims to better your chargeback protection and make the dispute-solving process fast and more efficient.
What’s Unique About VCR?
- It will capture all data up-front for quick resolution
VCR requires all merchants to capture and store all the necessary information upfront to speed up the process of resolving chargebacks. To avoid the last minute rush between you and the issuer, you are now required to submit all the necessary data earlier.
- The 22 merchant codes have been merged into four major categories
Out of the 22 codes, a trader receives for their data; the new system will make use of four broad classifications- authorization, customer claims, processing errors and fraud to assist in the dispute-solving process. Based on the chosen category, the system will allow for a smooth submission of data for conflict resolution.
- Visa will throw away invalid claims after comparing the buyer and merchant data
Visa can now compare your merchant account data versus a customer’s data to verify if their disputes are valid or not. The issuer will only consider legitimate complaints, unlike long ago when all buyer disputes were automatically put into consideration. VCR will monitor chargebacks and merchant refunds to prevent illegitimate consumer complaints.
What VCR Means to Your Business?
- No more paying for invalid chargebacks
This new advancement means you will have fewer null chargebacks to sort out. The system will ensure you solve only allegations that make sense according to the buyer and merchant data.
- Faster and efficient chargeback resolution
Thanks to Visa, you no longer have to wait for 100 days for a chargeback to be resolved. VCR intends to settle a dispute within 31 days.
- VCR will ensure thorough keeping of records for easy access to evidence
One of VCRs major progress is the move to insist on credible evidence for every claim a buyer makes. Keeping more extensive records in an organized manner will enable you to retrieve them the necessary information in the event of a case.
- More attention to your chargeback disputes
The strategy to look into more reasonable arguments and a shorter resolution time imply that Visa will review each case in depth and take the necessary action. Since not all cases are worth looking into, VCR will pay more attention to strong cases, a move that will reduce the waiting period.
