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The problem of chargebacks is not just an issue of lost customers, extra fees paid to banks, or spoiled reputation. The number of chargebacks affects how business is rated by financial agencies. If the chargeback ratio exceeds 1%, the company can be placed in the group of “high-risk businesses”.
As a result, fewer banks or other financial service providers will be ready to service such a business. And even their agreement assumes higher fees and even fines for high-risk businesses. That is why the Visa Merchant Purchase Inquiry (VMPI) has become the real salvation for many companies fighting with chargebacks.
How VMPI Save Businesses from Chargebacks
The main task of VMPI is to assist businesses with reducing the number of chargebacks and preventing disputes among issuing banks, acquiring banks, and merchants. The logic of its functioning follows the sequence below:
- A customer claims the chargeback from its issuer bank
- A bank sends notification alert to the merchant in which asks for additional information on pending chargeback
- A merchant provides the required information that proves that the transaction was legitimate
- On the basis of this information, the bank refuses to refund the customer his money
- As a result, the merchant is saved from the chargeback that could increase his chargeback ratio.
All this VMPI procedure is automated. It means that all inquiries and answers are processed immediately.
MaxPay Account Offers VMPI Solution for Businesses
By opening a business account with MaxPay international payment gateway provider, you get access to Visa Merchant Purchase Inquiry just for 14 EUR per alert. The money of your business will be saved not only on chargebacks but on alerts as well. MaxPay offers this service twice as cheap as other financial service providers.
VMPI provides merchants with additional benefits as well:
- Inclusion to the international data-sharing network where the disputes about chargebacks are discussed
- Detection and prevention of friendly fraud thanks to advanced risk assessment software
- Analysis of customers’ behavior in order to prevent chargebacks
- Learning the appropriate logic of reasoning for possible disputes with issuer banks
Thanks to VMPI your online account will become a zone free of chargebacks. By signing up for one of MaxPay business plans, you will get additional offers to stimulate the development of your business.
Other Advantages of the Online Account at MaxPay
VMPI is not the only decision to improve your business offered by MaxPay. To protect your eWallet other solutions could be proposed:
- Device fingerprinting
- Trustchain
- Analytical reports on all operations of your online account
Together with VMPI these anti-fraud software builds a firm defense around your financial operations. The multilevel checks for all of your money transactions will be provided by MaxPay international payment gateway. Open a business account for EUR and USD at MaxPay and get the best anti-fraud protection for your eWallet.
You will forget about the problem of chargeback ratio with the VMPI solution accessible with a MaxPay account. The reputation of your business in Europe will be sound. Banks, business partners, and customers will be happy to deal with you. Welcome to the gateway to a successful business!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.