The topic of VISA Chargeback and Dispute Resolution is an important one for MANY reasons, and we as eCommerce entrepreneurs NEED to understand these changes so that we understand WHY you may start getting more chargebacks flagged as Fraudulent.
I have to admit it, the only class in University that I sat in the back of the class so I could fall asleep was Risk Management. The last thing I really want to think about is Fraud or chargebacks on my eCommerce stores, or in business in general. Add some technology and I get a little more excited but the quickest way to lul this guy to sleep is talking about Risk Management Strategies. That said, I have grown up a lot since those days and have come the realization that these are very needed parts of all businesses especially when your taking transactions online. So to make it a little more exciting for you I brought an amazing guest on the show who knows this area better than most in the industry and we broadened the discussion from just that of The Latest VISA Chargeback Rules to discussing things like those mentioned above: Risk Management Strategy and utilizing technologies to assist in all these areas.
If you only ever listen to marketing tips and tricks, hacks and more, how will you know what to do when you make sales and they come back as chargebacks or fraudulent? Listen now!
Too many people focus on moving the paper from point A to point B.
There is not one magic bullet that you can do to prevent fraud and chargebacks. – Mark Standfield
You need to have a risk strategy – Mark Standfield
If you have technology driving that strategy there is just a tonne of data-driven decisions you can gain because you can see things from front to back. – Mark Standfield
“Most business owners … started a business to provide a service or a product… The payment side and the risk associated with the payment side didn’t even occur to them!” – Mark Standfield
If you have some proper prevention tools in place you can avoid a lot of the pain that people have otherwise had to learn the hard way. – Mark Standfield
Historically chargebacks have always been processed in a litigation model. – Mark Standfield
If merchants aren’t using AVS and CVV to make sure that the cards that are being accepted on their platform are valid, then … there is a higher chance that the liability will be assigned to that merchant. – Mark Standfield
They (Merchants) may find that they lose more of the chargebacks or disputes upfront. – Mark Standfield
Education is your friend – Mark Standfield
If you can understand the changes … there are ways to prepare for them. – Mark Standfield