VMPI- Visa Merchant Purchase Inquiry, will make business smoother and faster. How? VMPI makes sure that disputes are settled before facing a chargeback. Hence, payments received through Visa card as now less troubling.
Also, this is part of the new regulations by Visa which helps make your business transactions more transparent. Therefore, your relations with the customers can remain unhurt due to dispute arising from miscommunication. Likewise, chances of frauds decrease. So, you can now focus on growing your business rather than dealing with chargebacks. Hence, Visa card payments just got stronger!
What is VMPI?
Visa Merchant Purchase Inquiry helps you solve disputes fast. Hence, chances of chargebacks reduce. As a merchant, this is really helpful. Since, with lesser chargebacks, you have to focus less on claims that might not even be valid.
Although, legitimacy of the chargebacks are not always to be questioned. Nevertheless, it takes up your time and slows you down. Which in turn, will affect your business.
VMPI helps you deal with this trouble through providing faster refund and/or through providing necessary information. Whichever may be the case, it not only processes faster but ensures you do not lose out on a regular or new client.
VMPI and chargebacks
Visa has been facing chargeback cases a lot lately. Mostly, the chargebacks arise from the card holders not recognising the not recognising a payment. Hence, they claim the chargeback. Often, the claims can be due to misinterpretation but not always. Unfortunately, a lot of people seek ways to fraud through card payments.
You can never be sure of what the actual cause is. Therefore, you invest time in the dispute settlement. Card payments are the most popular form of payments these days. So, number of disputes will rise more and more. Hence, a fast solution to this problem was there for the calling.
Making your life easy
This initiative by Visa is an effort to make lives of both merchant and buyers easier. No merchant wants chargebacks and good buyers do not want the trouble of dealing with a chargeback. Hence, VMPI is a win-win situation in the payments industry.
For that reason, PayFasto supports and facilitates VMPI. 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.
Now, with PayFasto and VMPI, you do the business and we will ensure that your business runs smooth.