Visa chargeback

Let's talk about the way to chargeback with Visa

What is a chargeback and how to implement it correctly, you can find out in previous articles. In this article, we will talk about the refund through the Visa payment system.

VISA International Service Association is an international payment system. The annual trade turnover on Visa cards is 4.8 trillion US dollars. Visa cards are accepted for payment at outlets in more than 200 countries around the world. According to statistics, on average around the world, 24,000 transactions occur per second with Visa cards, which is 130 million transactions per day. The VISA PS website is located at https://www.visa.com.ru.

At the moment, Visa includes two companies: Visa Inc. (USA, Foster City) and Visa Europe Services Inc. (Great Britain, London).

Visa's rules are confidential and only available to Visa member banks. However, the corporation made some concessions after the adoption of the law "On the National Payment System" and posted a simplified version of its rules in Russian: Payment System Rules.

From the position of a person deceived by brokerage companies, the rules of the Visa payment system are written in a more profitable way. The Issuing Bank passes applications to the Acquiring Bank with greater willingness.
VISA chargeback codes and terms:

Significant changes have been made to the Visa Core Rules and Visa Product and Service Rules dated April 14, 2018. Visa disputes are now divided into 4 main categories:

Category 10 - Fraud / Fraud.

Category 11 – Authorization/Authorization Issues

Category 12 - Processing Errors

Category 13 - Consumer Disputes
Visa clarifications by Visa codes:

Dispute Condition 13.5: Misrepresentation - Cause of Dispute The Issuer may initiate a Dispute if the information is misrepresented for the following reasons: The Cardholder claims that the terms of the sale have been misrepresented. For example: a client paid for a blue sweater in an online store, and a green sweater was delivered to him. This is a mismatch with the buyer's expectations and the basis for using code 13.5. In the case of a refund from brokerage companies, this, in our opinion, is the most suitable code.
Features of Visa-chargeback:

Visa has set the minimum amount for contesting transactions - $ 25;

The duration of the blocking period, that is, the maximum period is 540 days from the date of the transaction;

For the vast majority of codes, a challenge is possible - 120 days. According to the basic provision, the countdown starts from the date of transfer of money, but in some situations the expected date of receipt of the service/goods may become the starting point;

It is worth mentioning that it is impossible to send an application directly to the Visa IPS, because Visa works only with legal entities and, if applied, will connect with your Issuing Bank.

Visa chargeback and refusal to withdraw funds:

Dispute Condition 13.5: Misrepresentation.

Investment products or services (such as binary options or foreign exchange trading) where the merchant refuses to allow the Cardholder to withdraw available balances. Unlike MasterCard, Visa decided to protect its customers who got into an unpleasant situation with brokers, for which she is very grateful.