Chargebacks911® COO’s New Guest Feature for Global Banking & Finance
In a new guest feature for Global Banking & Finance, Chargebacks911 COO Monica Eaton suggests there may be some relief on the way for merchants in the travel and entertainment space.
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The COVID-19 situation places thousands of global merchants in a difficult position. In response, the card networks are offering some relief for the most-impacted verticals. “Institutional players like Visa recognize the strain placed on merchants, and are attempting to mitigate the worst effects of the situation,” Monica says.
The Visa COVID-19 Dispute Monitoring Program shifts some of the burdens of invalid disputes off of travel and entertainment merchants. Now, issuers will be held responsible for filing excessive invalid chargebacks. In addition, Visa is suspending fees for their regular dispute and fraud monitoring programs.
This is a good start. But, as Monica notes, more will be needed.
“These are positive changes, to be certain. Anything that can offer relief to suffering merchants during this crisis is a welcome move on behalf of the card brands. However, we need other, long-term changes to ensure that businesses can get up and running smoothly once the crisis abates.”
