Visa Merchant Purchase Inquiry VMPI Frequently Asked Questions - 2020
The odds are pretty good that the next credit card transaction your online store processes will be a Visa card. With over 335 million cards in circulation, accounting for more than half of all credit cards worldwide, Visa’s reach and influence cannot be overstated.
As one of the biggest players in the card payments industry, Visa does not hesitate to throw its weight around when it feels the need to change industry practices to better suit its interests. When Visa issues a new mandate, banks and merchants have no choice but to pay attention and follow the new rules. It may feel at times that all these card network mandates add up to is more work and worry for merchants, but sometimes these mandates include very beneficial features for merchants.
What is VMPI?
What does Visa Merchant Purchase Inquiry (VMPI) do?
Visa Merchant Purchase Inquiry offers merchants a chance to see and respond to cardholder questions about unrecognized transactions before they have a chance to become chargebacks.
How does Visa Merchant Purchase Inquiry (VMPI) work?
Even “friendly fraudsters” who knowingly dispute legitimate transactions will often back down in the face of incontrovertible evidence that they were well aware of the purchase they were making.
What is Visa Resolve Online (VROL)?
- Transaction inquiry helps you quickly retrieve transaction information.
- Dispute questionnaires help you gather relevant information from cardholders.
- Financial processing enables you to process financial transactions corresponding to chargebacks, representments, adjustments, and miscellaneous fees.
What notifications does Visa Merchant Purchase Inquiry (VMPI) provide?
- Dispute initiation
- Stop payment
- Exception file listing
How effective is Visa Merchant Purchase Inquiry (VMPI)?
Can VMPI prevent ALL my chargebacks?
Do I need Visa Merchant Purchase Inquiry (VMPI)?
How to Get Started With Visa Merchant Purchase Inquiry (VMPI)?
What is a certified VMPI Facilitator?
How long does it take to get started with Visa Merchant Purchase Inquiry (VMPI)?
- Gathering Visa Card Acceptor ID and Acquirer Bin Info: 1 – 3 Business Days
- Data Integration with Chargeback Gurus: 1 – 3 Weeks
- Visa Acceptance Time Frame: 1 – 2 Weeks
- Go-Live Testing: 1 – 2 Business Days
What do I need to get started with Visa Merchant Purchase Inquiry (VMPI)?
The more information provided, the better—thorough, detailed information helps the issuing banks make the right decision.
- Cardholder name
- Order date
- Billing address
- Shipping address
- Product or service purchased
- Delivery status
- Tracking number
- Refund status and information
What can a certified Visa Merchant Purchase Inquiry (VMPI) Facilitator offer me?
How much does a certified Visa Merchant Purchase Inquiry (VMPI) Facilitator cost?
How can I make the best use of Visa Merchant Purchase Inquiry (VMPI)?
Merchants should also take advantage of the information and opportunities afforded them by VMPI. Every communication you receive is a learning experience and a chance to avoid future disputes.
Visa really has given merchants a beneficial tool with VMPI, which has the potential to save considerable amounts of money for merchants who deal with a high volume of disputes and chargebacks. VMPI creates a space and opportunity for merchants to respond to disputes before they become chargebacks, allowing them to avoid fees, correct fixable problems, and defend against fraudsters who dispute charges under false premises.
For merchants who really want to improve and optimize their business operations, VMPI provides useful information about customer behavior and attitudes, and can highlight potential problems with the merchant’s procedures. Merchants who are willing to apply the right analytics to the data they can glean from VMPI will find that there is much to be learned from customers who try to dispute their charges.
VMPI is a vital part of a merchant’s overall chargeback defense strategy and Chargeback Gurus is a certified VMPI Facilitator. So if VMPI seems like too much work to take on—yet another always-on communications channel for the harried small business operator to monitor and address—remember that you can Get Started with VMPI through Chargeback Gurus at any time.