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The powerful tool for chargeback prevention
Public Group active 2 years agoA merchant account nowadays is a reality for every merchant. Moreover, it is convenient to use an online account for e-commerce. This practice became widespread in Europe, but at the same time, it brings issues related to safety and security. Money can be stolen from the online account using, for example, a chargeback fraud. The VMPI program was created to combat this problem.
Visa Merchant Purchase Inquiry: general information
Visa Merchant Purchase Inquiry that is known just as VMPI was introduced in 2017 by Visa. The main purpose of its creation was to decrease the total amount of chargebacks that was growing steadily.
Both real and fraud chargebacks were a problem for merchants. It consumed time and money, sometimes even ruined the reputation of the company. Therefore, the solution was needed and VMPI appeared to be a good one.
Merchant accounts previously were able to use the prevention alerts for the same purpose. However, they were expensive and small merchants were not satisfied with this service. Now it can be combined with VMPI if needed. Both systems contribute to the security of the eWallet. Money is safe and clients together with businesses enjoy the service.
All you need is to find a reliable provider. Launch a Maxpay account to learn more about the program and its details.
How a merchant can start to use the VMPI?
Those merchants who use the online account with an eWallet in USD, EUR, or other currencies can sign up and enroll for VMPI through the following procedure:
Completion of the Visa Questionnaire Form. It includes the name and address of the business and the personal identification number of the merchant.
Providing of CAID number issued by Visa. You can obtain it from the payment processor.
Providing the identification number of the issuing bank.
Waiting for approval from the Visa.
Connection of the CRM of the merchant to the VMPI system.
A test for checking the connection and transfer of the information before utilizing the system for real transactions.
All these procedures can be done easily if you have a Maxpay merchant account. If you would like to start using VMPI, but still have questions, do not hesitate to contact the Maxpay team for more details.
Due to this service, you’ll get quick notifications about all the chargebacks and the opportunity to solve the question with a client and an issuing bank. That tool contributes greatly to the development of the business and helps to grow it securely.
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