Visa recently announced a number of positive changes to help retailers address EMV chargebacks and their certification process. TRA is proud that the voices of retailers across Texas and in the halls Washington are being heard however, these changes still leave retailers vulnerable to the pitfalls of the larger chargebacks that are becoming more frequent. Recognition by Visa that serious problems do exist for both the certification process and excessive chargebacks is a significant move in the right direction.
See Visa’s full press release HERE.
Summary of the changes:
1) Merchant Chargeback Relief
In recognition that some card issuers are issuing excessive chargebacks to merchants, effective July 22, 2016 Visa will block all chargebacks to merchants under $25. Additionally, effective October 2016 – April 2018 issuers will be limited to charging back 10 fraudulent transactions per account.
2) Acquirers Can Self-Certify Merchants
This will allow a merchant’s acquirer to self-certify a merchant if they know the merchant’s systems are in compliance. This will effectively eliminate a step in the certification process that added wait times for merchants.
3) Additional Funding Resources to Speed Up Certifications
Visa will provide additional funding to help acquirers add resources where necessary and funding to software companies to be able to pre-certify their technology for EMV terminals.