Chargeback Changes in 2018

There will be sizeable changes for chargebacks coming in 2018. By the year 2020, chargebacks will cost merchants an estimated $31 billion, according to The Nilson Report. PYMNTS explains that Visa is changing network rules to identify chargebacks related to fraud, friendly fraud, and those triggered by unfamiliar coding on customer statements that result in a customer claiming they don't recognize the charge. There are a few challenges that could emerge for merchants. The current two dozen chargeback reasons offered to consumers are being reduced to just a few – spanning fraud, processing errors, authorization and consumer disputes. This is meant to streamline the process from the typical several weeks down to just 20 days... but change is a process.