I was wondering if I could get some input from some of you people on how you feel about these initiatives that MasterCard and Visa are presenting for 2004
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I was wondering if I could get some input from some of you people on how you feel about these initiatives that MasterCard and Visa are presenting for 2004
Since really noone replied to my message I actually went out and investigted this issue for myself with several vendors of VbV and MCSC. I can honestly tell you that within the realm of mid to large range merchants it was hard to find some real answers on what these programs could do for us. But I found one awesome vendor who sold me on it instantly, and after these past few months it really has matched up to the hype, and this has me so excited I want to pass it on to you all:
1) They are guaranteeing payments on 60-70% of my transactions. Which saves me and my associtaes plenty of time when reviewing these transactions. It shifts the liability for transactions off my site, and onto the issuing bank of the cardholder shopping. I was abe to get paid on transactions that I normally wouldn't except.
2) My conversion rate has remained the same.
3) This vendor's software was delivered ASP, and it was configured by their programmers to function perfectly with my current shopping cart, gateway, processor, and acquiring bank.
4) We only pay for what we use.
5) We are protected on 100% of all North American VISA cards
6)In addition to reducing chargebacks and lost merchandise these past few months there are some additional financial benefits as well. With our Verified by Visa installed, we can achieve a new Preferred Ecommerce Merchant status (the highest level of status for an online merchant), which reduced my interchange fee by five basis points. So essentially my lowered interchange rate is paying for insuring the transaction. I'm paying nothing on each transaction.
We are so happy with this service and this vendor. We were up and running in less than three hours, and this past month was the first month we didn't incure one chargeback.