NEW YORK, May 8, 2018 /PRNewswire/ -- MyChargeBack, a leading international facilitator of chargeback requests, reports that the new Visa® Claims Resolution (VCR) policy that is now going into effect worldwide is already speeding up the processing of consumer disputes.
VCR was designed to resolve disputes between consumers and vendors more efficiently by standardizing procedures and timetables. "Based on a preliminary roll-out in Hong Kong and New Zealand in October of last year, Visa predicted that the streamlined processes and automation that are built into VCR would reduce the number of credit card disputes," notes Alan Tepfer, Director of Client Strategies and Fund Recovery at MyChargeBack, "and that is exactly what is now happening in Britain, the U.S. and the rest of the world now that the changes are going global."
"The most significant improvement in the system is that Visa is taking every possible precaution to avoid disputes before they begin and speed them up once they do," he continues. "Card holders now receive more detailed monthly statements, improved attention to customer service, an extra layer of security checks, and quicker approval of chargebacks when they are entitled to them."
Chargeback Categories Streamlined
Tepfer claims that the improved service is due to streamlined dispute categories down from 22 to four and reducing the time limit that merchants have to respond from 45 to 30 days, which is scheduled to drop even more to just 20 days.
"A major benefit for consumers is that merchants are now required to disprove customer evidence up front," Tepfer says. "Since no additional information is allowed be added afterwards, the merchant now has just a single opportunity to deny the consumer's allegations before Visa reaches its decision regarding the case," he explains.
"But, in exchange, Visa customers now have just a single opportunity to present all of their evidence and arguments when they open their dispute file," Tepfer cautions. "This enhances the added value consumers have by working with a fund recovery service like MyChargeBack, which has the experience to make sure that the one chance they have to win their case is handled correctly, professionally and successfully."
MyChargeBack.com is owned and operated by Cactil LLC, an American dispute resolution consultancy firm headquartered in New York with a global focus and an international client base throughout North and South America, Europe, Africa, Asia, and Oceania. The MyChargeBack team, which has recovered more than $4 million in funds for its clients to date, is comprised of professionals with extensive financial, legal and regulatory backgrounds who assist victims of online scams retrieve their money. MyChargeBack is able to accomplish that because it knows how chargebacks work and how to ensure that each client's case will be presented effectively to the bank.