We’re always on the lookout for changes that will impact our merchants. Visa recently announced it’s updating the guidelines for its High Brand Risk (HBR) program. The program sets the global acquiring standards for reducing exposure associated with high-risk transactions. These changes will be implemented by early next year and here are a few things you should expect:
Visa will require high-risk merchants processing card not present transactions to be registered.
There will be a $500 registration fee charged once the program begins along with an annual $500 renewal fee.
Registrations will be completed by April 17, 2021 and you’ll be charged on this date even if your actual registration was earlier.
The annual renewal feel will be charged in September of each year starting September 2022.
Cathy’s latest XBIZ.com piece, Major Card Brands Roll Out New Changes, focuses on recent updates from Visa and Mastercard aimed at reducing chargebacks, while highlighting advances in the anti-chargeback tools at our disposal, including 3-D Secure 2.0 and Visa’s Merchant Purchase Inquiry program.
While rules are getting stricter, the tools we can use to fight chargebacks are stronger than ever…. (Visa) will allow processors supporting VMPI to respond to a bank inquiry almost immediately, ensuring it does not become a chargeback.
As of April 15, 2018, Visa Claims Resolution (VCR) was introduced with enhanced dispute rules and a new workflow and process. VCR is intended to decrease the time needed to resolve claims, and offers the following benefits to acquirers, merchants, and issuers:
Part of our job at SegPay is to make sure merchants are up to date on the latest news and rules changes from Visa and Mastercard. The card brands are also making a concerted effort to improve their communication to all members of their value chain by publishing news and articles on a regular basis. We recommend bookmarking their sites to make sure you never miss an update: