Recently, Visa announced the Visa Claims Resolution (VCR) initiative to improve the dispute process.
Beginning in April 2018, VCR is designed to simplify and improve the efficiency of dispute resolution. We want to share with you the important terms of this new chargeback process, and what they mean for your business.
What are the key changes?
- You must respond to all dispute claims or risk incremental fees
- Timeframes to respond to claims are significantly reduced
- Failure to respond in the mandated timeframes will result in financial liability (merchant loses dispute)
- In addition, the current 22 chargeback codes are being consolidated to just 4: Fraud, Authorization, Processing Errors, Consumer Disputes.
As your partner, First Data would like to guide you through the VCR process and readiness planning; as well as answer your questions on the topic. To that end, we will be hosting a complimentary one-hour webinar to learn more about VCR and its potential impacts, designed just for First Data clients.
Please join us as we discuss:
- How VCR will impact merchants
- How to best prepare for the changes
- How First Data can help you benefit from VCR
The webinar is available on-demand. Access the replay any time, at your convenience.