Visa card payments just got stronger. Incorporation of new regulations for Visa has made the payment processing more transparent. 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.
Visa regulations and merchants
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.
More regulations by Visa
Adding to the above benefits, you can also keep your business running as smooth as possible. Why so? Because you not only are receiving every statement formally but you will also be providing all notifications and billings in written. Thus, forgers can’t just take advantage of earlier loopholes.
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!
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.
Therefore, 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 PayFasto, online buying and selling gets even easier. PayFasto even helps you to have high-risk merchant accounts. Explore our services, we deliver to merchants of various industries.