Hats off to the global financial kingpin that is Visa Inc. – and here’s some good advice on the testy subject of chargebacks.
Spanning 200 countries as a global payments company, Visa connects consumers, businesses and financial institutions. That’s one magnificent little piece of plastic in your hands.
Bottom line is: most chargebacks occur because of issues that arise at the point of transaction. And most can be remedied with training.
1. Do not complete a transaction if the authorization request was declined;
2. If you receive a ‘Call’ message in response to an authorization request, call your authorization center;
3. If an embossed Visa card is presented for payment, make an imprint for all card-present transactions;
4. If an unembossed Visa is presented for payment, and you have a POS terminal with a magnetic-stripe reader, swipe the unembossed card through the reader for all card-present transactions;
5. Get the cardholder signature!
6. Make only one imprint of the card for each transaction;
7. Ensure that transactions are entered into POS terminals only once, and deposited only once;
8. Ensure that incorrect sales receipts are voided, and that transactions are processed only once;
9. If your establishment has policies regarding merchandise returns, refunds or service cancellation, disclose these policies to the cardholder at the time of transaction;
10. Deposit sales receipts with your merchant bank as quickly as possible, preferably within 1 to 5 days of the transaction date;
11. Deposit credit receipts with your merchant bank as quickly as possible, preferably the same day as the credit transaction is generated;
12. If a customer requests cancellation of a recurring transaction which is billed periodically, always respond to the request and cancel the transaction immediately, or as specified by the customer;
13. Keep customers informed on the status of their transactions;
14. If the merchandise or service to be provided will be delayed, advise the cardholder in writing of the delay and the new expected delivery or service date;
15. If the merchandise ordered by the cardholder is out of stock, and delivery will be delayed or the item is no longer available, advise the cardholder in writing, and offer the cardholder the option of purchasing a similar item, or canceling the transaction;
16. Ship merchandise before depositing transaction.