Chargebacks911® Exec Offers Insight on Upcoming Visa Chargeback Overhaul
Chargebacks911 COO Monica Eaton spoke with Ina Steiner of eCommerce Bytes about big changes in store for merchants and banks who accept Visa. In Steiner’s new story, Monica explains that, while change is needed, Visa Claims Resolution may not be the answer.
For more than 15 years, eCommerce Bytes has been one of the world’s leading source for eCommerce news and insight. Although the move to Visa Claims Resolution, or VCR, is still more than a year away, the new site is right start raising awareness of the change.
Visa announced their new chargeback process, Visa Claims Resolution, earlier this year. Under the initiative, Visa wants to streamline the chargeback process. That sounds good, but as Monica points out, it may not be as rosy as it appears at first glance.
“…the new VCR initiative means that merchants will have to effectively represent each and every dispute to mitigate rising chargeback losses,” Monica explains. “Considering that only 2 in 10 merchants are actively engaged in representment, the majority clearly have a very long way to go.”
Visa’s efforts are a recognition that something needs to be done. However, the VCR initiative should just be one part of a broader move for standardization in the industry.
