March 23, 2018
New Chargeback Rules.
For Visa sales, new chargeback rules will take effect on April 15. The highlights of these changes are as follows:
- The timeframe for merchants to respond to a chargeback is being reduced from 45 to 30 days.
- The Reason Code 75, titled “Transaction code not recognized” is being retired.
- The current 22 Reason Codes are being consolidated from 22 to three Reason Codes: (1) Fraud, (2) Authorization Processing Errors, and (3) Consumer Disputes.
- Merchants will be limited to one “Pre-Arbitration” response.