When a merchant receives a dispute, they have two options: one is to accept the dispute, which means they will not respond and lose the transaction amount from the sale. The second is responding to the dispute with the goal of a chargeback reversal. In this post, we’ll go through the process of a chargeback reversal and how a merchant can successfully regain their revenue. A dispute (also referred to as a chargeback) is a transaction … Read More
How Effective Dispute Management can Prevent Revenue Loss
An effective dispute management process is essential for any type of merchant that wants to retain hard-earned revenue. There are two sides to dispute management that prevent revenue loss. The first is to stop disputes before they happen. The second is to efficiently respond when they do. The first step to preventing revenue loss from disputes is to take preventative measures to stop disputes from ever happening. There are a couple of ways merchants can do … Read More
VMPI Integration Through a Visa Facilitator: How it Works
Merchants who are integrated with Visa Merchant Purchase Inquiry (VMPI) can prevent invalid disputes and take meaningful actions to retain customer relationships and to avoid revenue loss. Merchants have two options to integrate with VMPI: go through a VMPI facilitator or integrate directly to Visa. VMPI was started after Visa saw over 2.6 million chargebacks initiated in 2015 because cardholders did not recognize the transactions, which was an increase of over 13% from the prior year. … Read More
Should I Refund a Customer that Disputes a Charge?
After receiving a dispute, merchants may be tempted to refund the customers to try and fix the situation. But should you refund a customer? What about when you receive issuer notifications? After a dispute is already filed, merchants should not refund the transaction. Because if the customer wins the dispute and you have refunded them, they will receive two credits. The credit that was pulled from the merchant account when the dispute was filed and the … Read More
Can Payment Fraud Happen Through Voice Assistants?
Professional writer Ashley Halsey works for Lucky Assignments and Gum Essays. She is constantly researching new developments with cyber security and fraud risk to share with her audience. She enjoys finding the benefits of new technologies while protecting the safety and security of our personal and business lives. About 31 percent of consumers now own voice-activated devices, up from 27 percent in 2018 and 14 percent in 2017. Technology for voice assistants is a great new … Read More
2019 Round-Up of the Best Dispute Content We Created
As we enter the new year, we wanted to look back on 2019. Below is a collection of our most popular, most helpful, best-researched articles of 2019. These top articles are divided into four different sections: Top Reads are this year’s most-read articles (and for a good reason). What Merchants Need-to-Know is the most valuable information for merchants. Looking into 2020 are articles based on new trends that we predict will continue to grow. Personal Favorites … Read More
The 3 Types of Dispute Management Software
Dispute management is necessary for every company that wants to prevent fraud and protect hard-earned revenue. There are three core types, or functions, of dispute management software that helps merchants prevent and manage disputes. However, these types should not operate independently. In fact, when used together, merchants can have the most robust dispute management process possible. The three core functions of dispute management software are: True fraud happens when a fraudster obtains stolen credit card credentials … Read More
How to Connect to Visa Merchant Purchase Inquiry (VMPI)
Many merchants are already taking steps to prevent invalid disputes by using Visa Merchant Purchase Inquiry (VMPI). In this post, we’ll go over what you need to know about VMPI and how you can get integrated. Visa started developing VMPI after “[They] saw over 2.6 million chargebacks initiated [in 2015] because cardholders did not recognize the transactions, an increase of over 13% from the prior year. In addition, 20% of all chargebacks were tied to purchases … Read More
Chargeback Accounting: How to Record Disputes
Proper dispute management is necessary for retaining hard-earned revenue. A vital part of dispute management is understanding the impact of disputes on your company, which is where proper bookkeeping comes in. A dispute or chargeback is a transaction reversal meant to serve as a form of consumer protection from fraudulent activity committed by both merchants and individuals. A cardholder can dispute a transaction for a variety of reasons, including fraud, unprocessed credit, goods or services not … Read More
What are VMPI Issuer Notifications and How Should Merchants Respond?
VMPI notifications give merchants the opportunity to avoid disputes and take meaningful actions to retain customer relationships and prevent revenue loss. Here are the VMPI issuer notification types and how merchants should take action when they receive each one. Visa Merchant Purchase Inquiry (VMPI) gives merchants the ability to respond to customers’ inquiries in real-time to prevent invalid disputes from being filed. By providing this information to the issuing bank, the dispute analyst can use transaction … Read More