Visa has begun to combat a rise in “friendly fraud” by announcing that new Chargeback rules will go into effect next April 15th.
Friendly fraud occurs when a credit card holder disputes a legitimate charge in an attempt to defraud a merchant. According to Visa, this type of fraud now represents up to 75% of all Chargebacks.
The dispute mediation process is so heavily tilted in favour of cardholders and against merchants that I have several clients who refuse to engage with it, immediately taking cardholders that they suspect of fraud to court.
I hope that the new rules, which give merchants the ability to include additional details like the customer previously using the same payment credential at their store or proof that the customer has used the product, help to restore confidence in what’s perceived to be an unfair system.
#chargebacks #visa #rules #creditcardpayments
After a number of cross-country phone and Zoom calls, it was wonderful to meet the CPOS Inc team in Ottawa and deepen our growing partnership.
It’s a rare and special moment encountering a formidable competitor only to recognize that shared values make you natural allies.
#partnership #creditcardprocessing #teambuilding
Fiserv’s recently announced partnership with Equifax means that B2B credit granters will now have access to a rich new set of REAL-TIME (!) business credit data.
On occasions when I’ve been invited to present to Equifax groups, comprised mainly of Corporate Credit Managers, I’ve been impressed by the level of cooperation that goes on between competitors.
The moment I would walk into the room, the Credit Managers would all go silent. And that happened each time I presented. It was enough to give a guy a complex. But then I found out that the silence was because they’d been sharing information about which clients were paying on time and which had fallen behind.
This kind of industry specific, “underground” data sharing will certainly continue, but it’s nice to see that systematic reporting is moving to fill part of that need.
I’m hoping that every major credit card processor follows in Fiserv’s footsteps.
#creditreporting #b2b #corporatecredit #equifax #fiserv
It’s very gratifying being selected by the Canadian National Alliance for Chiropractic to administer their member credit card processing plan.
By minimizing the expense of credit card acceptance and working to integrate payment strategies into all facets of member practices our aim is to aid CNAC in its’ mission to support chiropractors and advocate for neurologically focused, adjustment centered chiropractic care.
#chiropractic #partnership #canadiannationalallianceforchiropractic #affinitygroups #creditcardprocessing
After years of independent collaboration Castle Builder Financial is very happy to welcome Leigh McBain of McBain Solutions to our payment consultancy team.
Leigh has an extensive business background including wholesale food distribution, wholesale and retail jewelry, as well as many facets of the high-tech world. He has worked and/or partnered with the likes of Core-Mark International, Polar Ice Diamonds, AT&T, PEMEX, the United Nations, the Kuwait Ministry of Health and the Pentagon.
Leigh’s mixture of technical and people skills allows him to provide businesses with exceptionally well integrated strategic solutions.
Welcome to the team my friend.
#hiring #mcbainsolutions #partnership #creditcardprocessing