Credit card fraud is, unfortunately, a very common practice in the world today. Millions of claims are processed every year, and this leads to many headaches. And another big headache lies with the claim processes with these fraudulent charges. If money was stolen from you, it might take up to a few months to get the money back into your account. But with the new process rolled out by Visa Claims Resolution, there seems to be a bright light at the end of the tunnel. See below for benefits of the new process:
Claims Processed Faster
As a merchant, it typically took months to process a chargeback. When a claim is processed, more detailed information is required to process a claim. This information is intended to help speed up the resolution process, making lives easier for everyone involved. While these claims usually took over 40 days to process, the new rules look to cut down those days to 30.
Reducing Invalid Chargebacks
Fraudulent chargebacks are very common and cause many issues for merchants, credit card companies, and banks. These disputes will automatically be processed through Visa, and will have to pass certain guidelines to be processed. If a dispute doesn’t meet certain criteria, the chargeback won’t be processed. This should help clean up the whole process for all parties.
Simplify Reason Codes
In addition to speeding things up and simplifying the process all around, the reason codes are also being changed. The chargeback codes are now being simplified into four simple codes:
- Processing Errors
- Consumer Disputes
This new process will help to keep things simple, which will speed up the resolution time. Before, these reason codes were very complex and caused many headaches. This will keep things simplified, which will help merchants and everyone involved.
Contact Dynamic Merchant Solutions
Have questions about this new process from Visa? Considering a new credit card processing company? Then give Dynamic Merchant Solutions a call! We can explain the ins and outs of this whole process and can offer the solutions you can trust. We have top-notch products you can depend on, with the affordable services that can help grow your business. Call us today to get started!