Visa, in partnership with Verifi, is now enabling issuers in select markets to participate in its Rapid Dispute Resolution (RDR) service within Visa Resolve Online (VROL) to promptly resolve pre-disputes and avoid unnecessary chargebacks.
RDR allows sellers to accept financial liability at the pre-dispute stage before a chargeback can be raised, reducing operational requirements and lowering dispute ratios.
In addition, the transaction is also identified for issuers and acquirers as being accepted by the seller with an indicator in the VROL system. And issuers and acquirers now have more visibility, giving them the ability to provide necessary tracking and reporting in the pre-dispute space.
RDR allows issuers and sellers an opportunity to collaborate to resolve customer disputes that could have easily been settled directly with the seller.
By using RDR, disputes can likely be resolved quicker, using fewer resources but with the same clarity and reporting available within VROL. If a seller chooses not to resolve a pre-dispute using RDR, it will go through the full dispute process.
Earlier this month, Visa partnered with Veem on a new virtual card service and cross-border money transfers for small businesses.
Read more: Veem, Visa Team on Virtual Card, Cross-Border Payments for SMBs
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