Ecommerce merchants sometimes suffer an occasional payment claim known as a chargeback.
The dispute resolution process has not changed a lot since it got underway in the ‘70s, which was a significant problem for web-based businesses. In the near past, chargebacks have turned into a tool to assist fraud, instead of stopping it, ripping off billions of dollars from merchants every year. But we may soon experience changes with the Visa Claims Resolution.
Visa Claims Resolution (VCR) is the company’s new procedure for handling disputes. The process which got live on April 13, 2018, and marked a complete change in the whole dispute process from scratch. VCR aims to deal with present-day chargebacks and fine-tune practices for the card-not-present setting. But as expected, the full makeover comes with a lot of new questions, as well.
What is VCR?
The Visa Claims Resolution is Visa’s new-fangled universal chargeback process. VCR transforms …