Chargebacks911 Examines Payment Industry Shakeups and Their Impact on Visa and Merchants
Tampa Bay, FL (PRWEB) March 06, 2017 -- Visa Inc. has undergone a series of transitions in recent months—from appointing a new CEO and integrating Visa Europe(1) to revising its debit routing rules(2)—and will likely face new regulatory changes following the 2016 Brexit vote and U.S. elections. Chargebacks911, a leading dispute mitigation and risk management firm, advises merchants to stay abreast of these ongoing developments and their potential implications.
When Visa appointed Alfred Kelly, Jr., to replace departing CEO Charlie Scharf, analysts emphasized the opportunities and challenges Kelly will face in light of Visa’s move into China and the integration of Visa Europe following its $23.4 billion acquisition.(1) In the wake of the company’s strong first quarter 2017 earnings, Kelly foresees “good momentum” ahead “driven by domestic and cross-border volumes … and the further acceleration of e-commerce in developed markets.”(3)
However, Visa has also had to contend with a shifting regulatory environment and government mandates both at home and abroad. In response to a November Federal Reserve ruling, Visa revised its debit routing rules “to help merchants and acquirers better understand implementation options” for EMV technology.(2) Visa is also taking steps to standardize an industry that has traditionally been fragmented. The company convened a team of experts to respond to Europe’s Revised Payment Services Directive, or PSD2,(4) and is working on new financial technology (Fintech) solutions that can help address the General Data Protection Regulation (GDPR).(5)
“The rapidly evolving global payments landscape affects every player in the industry, including Visa and merchants alike,” stated Monica Eaton-Cardone, co-founder and Chief Operating Officer (COO) of Chargebacks911. “It’s important for retailers to recognize that these changes don’t occur in a vacuum. Now that Visa must balance government regulations and compliance requirements in both the U.S. and Europe, I believe we’ll see the company take action to consolidate its focus and create a more sustainable, centralized solution.”
Eaton-Cardone applauds Visa for stepping up its efforts to support merchants through programs such as the Visa Claims Resolution (VCR) initiative, which aims to improve the dispute process for retailers,(6) and she believes Visa’s contributions to a new wave of global standards will ultimately benefit the payments industry as a whole. In the interim, she counsels merchants to closely follow regulatory changes and Visa initiatives on both sides of the Atlantic.
“Like it or not, more changes are coming; and knowledge is power when it comes to adapting to them,” asserted Eaton-Cardone. “That’s why Chargebacks911 focuses on developing new services and solutions that address and align with compliance changes, while ensuring our best practices keep pace with an industry that is in constant flux. The ability to manage and capitalize on change is a key predictor of success, and merchants must take proactive steps so they don’t get left behind.”
Chargebacks911 is dedicated to educating and supporting eCommerce merchants with services designed to optimize profits, reduce chargebacks and prevent fraud. To that end, Monica Eaton-Cardone and her team will be participating in a number of upcoming industry events, including the Panama GB Summit, MRC Vegas and MAC Annual Conference. For details on Chargebacks911’s comprehensive risk management solutions, informative articles and other merchant resources, visit https://chargebacks911.com.
About Chargebacks911:
Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping merchants maximize revenue and fight fraud in a variety of industries, including e-commerce, retail, digital and travel. The company’s innovative solutions and exemplary customer service has earned a vast array of prestigious awards and honors, including the Customer’s Choice Best Chargeback Management award from the CNP Expo and the Best Industry Solution award from Airline Information.
Chargebacks911’s unparalleled category experience and ISD™ technology quickly identifies the true source of chargebacks, recovers lost revenue, mediates disputes, safeguards the merchants’ reputation, monitors transactions 24/7 and helps proactively prevent future fraud. A division of Global Risk Technologies, Chargebacks911 is headquartered in Tampa Bay, Florida, with offices throughout North America, Europe and Asia. To learn more about Chargebacks911, visit https://chargebacks911.com or call 877.634.9808.
1. Cochrane. Matthew. “The 3 Biggest Challenges Awaiting Visa's New CEO”; The Motley Fool; January 19, 2017. fool.com/investing/2017/01/19/the-3-biggest-challenges-awaiting-visas-new-ceo.aspx
2. Surane, Jennifer. “Visa Eases Merchant Debit Rules, Satisfying Regulatory Probe”; Bloomberg; November 22, 2016. bloomberg.com/news/articles/2016-11-22/visa-revises-rules-for-debit-transactions-after-regulatory-probe
3. Visa. “Visa Inc Reports Strong Fiscal First Quarter 2017 Results”; press release issued February 2, 2017. investor.visa.com/news/news-details/2017/Visa-Inc-Reports-Strong-Fiscal-First-Quarter-2017-Results/default.aspx
4. Bayley, Peter. “Could New Payments Authentication Rules Scupper European Digital Single Market?”; Politico; September 20, 2016. politico.eu/sponsored-content/could-new-payments-authentication-rules-scupper-european-digital-single-market/
5. Deighton, Katie. “Losing PINterest: Visa Picks Up Speed in Its Plot to Bridge the Gap Between Brands and FinTech”; The Drum; February 22, 2017. thedrum.com/news/2017/02/22/losing-pinterest-visa-picks-up-speed-its-plot-bridge-the-gap-between-brands-and
6. Visa. Visa Claims Resolution: Efficient Dispute Processing for Merchants; April 14, 2016. usa.visa.com/dam/VCOM/download/merchants/visa-claims-resolution-efficient-dispute-processing-for-merchants-VBS-14.APR.16.pdf
Karla Jo Helms, JoTo PR, +1 (888) 202-4614 Ext: 802, [email protected]
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