High risk merchants, particularly those of the e-commerce sort, need to gear for another set of Visa Chargeback rule changes, effective April 15, 2018. Chargebacks, especially fraudulent ones, have been becoming more frequent over the last five years, evidenced by two significant amendments Visa has made over the last three years.
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- In December of 2015, Visa announced it was cutting its threshold – in other words, its tolerance – in half from 2 percent of sales or 200 chargebacks incurred per month, to 1 percent/100 per month. The move forced high risk merchants into scrambling to place more emphasis on chargeback mitigation and customer support.
- Roughly a year later, Visa implemented a ‘pre-monitoring’ program for merchants who hover near the 1 percent/100 threshold. For merchants at or above a chargeback rate of 0.75 percent of sales or 75 per month, didn’t receive fines or fees, but were issued a warning.
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By serving the two notices, merchants had no choice but to simply re-think their business practices, emphasize customer support and become more responsible business owners. Allowing chargebacks to merely be ‘the cost of doing business,’ is no longer acceptable.
Visa’s chargeback rule changes: The big stuff
In its perpetual effort to stamp out fraud while maintaining that ever-delicate balance between consumer and merchant obligation, Visa is making four major chargeback rule changes, which will especially affect high risk merchants:
Reason codes replaced with dispute conditions
Gone are the 22 chargeback reason codes, which will be replaced with four dispute conditions:
- Fraud (10.0)
- Authorization (11.0)
- Processing errors (12.0)
- Consumer disputes (13.0)
Beneath those four conditions will be revised reason codes. For example, fraud reason codes include EMV Liability Shift Counterfeit Fraud (10.1) and Non-Counterfeit Fraud (10.2); Other Fraud-Card Present Environment (10.3) and Card Absent Environment (10.4); and Visa Fraud Monitoring Program (10.5).
Transaction Not Recognized (Reason Code 75) eliminated
This is a subject on which we’ve blogged ad nauseum. Cases such as ‘transaction not recognized’ will now fall under Fraud Disputes (10). Transactions not recognized is arguably the most common reason a merchant sustains a chargeback, and it can be avoided with due diligence such as having a clear billing descriptor, stellar (and prompt) customer support, using CVV2 and AVS checks. Additionally, merchants – e-commerce and brick-and-mortar – need a clear and prominent return policy on the front page of a website or in-store. A return is always the preferred outcome opposed to a chargeback.
Changes in merchant time frame: From 45 days to respond to 20 days
While merchants currently have 45 days to respond to chargeback disputes, they will have 30 days to respond as of April 15. However, though a date has not yet been announced, it is expected to reduce merchants’ 30-day window to 20 days to respond.
Thus, resolution processes will be estimated differently:
- 31-70 days for chargeback disputes in the Fraud and Authorization categories
- 31-100 days for those in the Processing Errors and Consumer Disputes categories
New limits for Issuers on fraudulent e-commerce chargeback disputes
In a move that emphasizes merchants to be vigilant in defending fraud attacks, credit card issuers can dispute no more than 35 card-not-present transactions on a confirmed fraud account within a 120-day period. Moreover, said issuers have the liberty to choose which transactions – highest ticket to lowest.
The desired outcome
The outcomes of Visa’s recent chargeback rule changes will take time to identify, but one goal is clear: Having the credit card issuer (Visa) working with and collaborating more with merchants and consumers. Previously, merchants by and large felt that Visa’s chargeback scheme heavily favored the consumer. Thus, if the new rules can give the merchant a stronger voice in disputes, it will be a welcome change.
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The lack of credit card acceptance is one of the biggest complaints about regulated online poker in Delaware, Nevada and New Jersey. The Mastercard acceptance rate at regulated sites is higher than Visa, however, neither are high enough to be considered adequate for players and operators. Many U.S.-facing offshore sites accept Visa. This may cause players to deposit at an unlicensed site if the transaction is declined at a regulated one first.
Card issuers have the right to block any transaction that the company does not consider legitimate. Online gaming transactions, even if explicitly legal, sometimes fall into this category.
Credit card companies have fears that date back to last decade. These banks faced a wide variety of fraud processing payments for online poker rooms and casinos. This included losing players claiming that charges were not made by them and fraudsters stealing credit cards and creating fake accounts in an attempt to turn stolen plastic into cash.
Some issuers were the target of gamblers that tried to hold their banks accountable for their losses even though the players admitted making the transactions.
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None of these will be a major issue in the regulated online gaming market.
Operator and bank protection created by regulated markets
Losing gamblers discovered how easy it is to scam offshore gaming sites after losing a credit card deposit. A call to the credit card company would erase those losses instantly. A player could initiate a chargeback by claiming that he did not authorize the payment.
The site would have little recourse if a chargeback was filed. The transactions were often miscoded as internet merchandise sales so that the banks would approve them. The merchant would be unable to prove delivery because the product never existed. The site would then be unable to collect from the player because of a lack of access to the U.S. court system, law enforcement, and credit bureaus.
Chargebacks are expensive for banks. These costs are passed onto merchants and processors in the form of penalties and higher processing fees. Banks loathe chargebacks and online gaming has been associated with too many of them over the years. This is one reason credit card companies are not quick to approve these transactions.
This concern is resolved in regulated markets because players cannot easily chargeback a credit card transaction. The transaction is coded as a legitimate, regulated purchase. Many are considered cash advances. The poker site can prove where the player was located at the time of the transaction and that the chips were received. Proper player verification also provides evidence that a charge was proper.
Players that manage to pull off a successful chargeback could still be subject to civil and criminal action. Regulated sites will have easy access to collection agencies, credit bureaus, law enforcement, and civil courts. This removes any incentive for players to try and defraud the system.
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Credit card thieves will be less inclined to try and scam sites that run identity checks and know exactly where a player is located while seated at the tables. A credit card scammer would also need a victim’s Social Security Number to help complete the process. Other personally identifying information may also be required, including previous credit accounts and addresses. A cell phone to help locate the player is needed, too. Fraudsters are not likely to have access to all of the information needed to open an account at a regulated site.
If a scammer manages to get through the player verification process, there are other internal processes that may catch him in the act or prevent the funds from leaving the system through a partner’s withdrawal request. Even if successful, there is still a digital trail that would lead investigators to the criminals.
The fact that regulated sites have access to law enforcement will not only be a deterrent, but will also allow for criminal penalties to those that get caught simply attempting this type of fraud.
Little threat of lawsuits from losing gamblers
Some gamblers tried to get out of paying credit card bills by suing banks, alleging that illegal gambling transactions are not enforceable or that states do not allow credit for gambling. This type of action will be difficult, if not impossible to win in a regulated environment. That fact will discourage most from attempting it, especially since these types of cases were dismissed even before regulation.
Banks are conservative businesses. These corporations want to avoid the expense of defending lawsuits and chargebacks, even if the business is legal. This is why most credit cards were declined years before the UIGEA was enacted. At some point, these institutions will associate regulated online gaming with any other online purchase. https://roomlucky.netlify.app/funz-free-casino-slot-games-with-bonus-rounds.html. Unfortunately, we are not at that point yet.
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It will take more states regulating online gaming to help make banks more comfortable with the industry. This will also help the profitability of processing these transactions, another motivating factor.
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Online poker and casino players will eventually demand that banks approve their transaction or customers will be lost to credit card issuers that will. It is time for banks to see that and create internal policies that address this pressing issue facing the regulated online gaming industry.