Part 6: Visa Claims Resolution
The first 5 posts outlined everything your organization needs to know about chargebacks and how to prevent them, but what happens when your organization gets one anyway? The chargeback dispute process, called “Claims Resolution” by Visa and “Chargeback Re-Presentment” by the other big networks can be a long and arduous process that often ends in higher fees and a judgement in favor of the customer. If you know the system, how to properly respond to chargebacks, and most importantly when to cut your losses, you can successfully mitigate their impact on your bottom line.
In an effort to increase automation and effectiveness, and decrease the time it takes to process a chargeback and the amount of fraudulent chargebacks, Visa recently overhauled their entire chargeback process. This post will outline how Visa Claims Resolution (VCR) works, and how your organization can effectively use it to reduce your chargeback costs.