Visa cards will be under new rules and regulations soon. Many claim this will make Visa cards stronger! So, it is the process that will make the card stronger. Hence, today we talk about the how the payments system actually makes it a better solution. So, these new rules are for buyers. Your good understanding will help you process your business payments much more easily.
Additionally, Visa intends to make free trials more accessible. Also, the cancellation process is now as easy as sending out a text. Therefore, all the new rules will make the transactions more accountable and make lives easier for buyers. Although, there surely is a lot for taking for the seller as well. Thus, it will make your business more accountable to your customers and helps build a stronger and faithful relationship faster.
The updated Visa regulations include some changes in the existing rules and some are newly added. Most importantly, the new rules can help your business in a collective way rather than individually. Therefore, the rules are now far more thought-out.
So, one such example is the addition of dispute rules for the end of the free trial period. It provides you with clear indications of how to settle a dispute when customer claims of charges beyond free trial period. Also, such situation can arise because of misinterpretation.
Interestingly, chances of such miscommunication have also lowered since you also have new regulations for billing and notification. Therefore, you are alerting the customer of every step of the transaction. Hence, the chances of false claims also come down. Also, now you have an official document for every step!
Once you can clear the misconceptions, you will have a much smoother payment process. People do not like hassles for payments and buying online. But the want it to be safe too. New Visa rules are trying to do just that.
In the world full of scammers, payment methods need to transparent. Many have seen these regulations as too strict. But, in the world of digital payments and online shopping, scammers are getting more and more opportunities than before. Such incidences can not only cause you a one-time loss but may also affect your business relationship and reputation in the long-run. Also, you have time to prep as the new rules will go into effect from April 18, 2020.
New Visa rules are a blessing to merchants in high-risk industries. Make full use of the new rules and utilise Visa payments. Hence, payment industry got more accountable causing transactions to be smoother. Especially, with online payment systems like PurePay, online buying and selling gets even easier. PurePay even helps you to have high-risk merchant accounts. Explore our services, we deliver to merchants of various industries.