Has any one implemented Verified by Visa?

[Misky]

Has any one implemented Verified by Visa? How much protection does it offer? What does it cost? Who is offering it? Are high risk merchants eligible for it? What chargeback codes are covered? Please help, none of this info is on Visa's site! Thanks! Misky

[Corey Bryant]

The ones that are covered are the I didn't do its. It does not covered stolen CC, bad service, etc. The cost varies because it is a hosted solution (third party). You are charged a monthly fee & a transaction rate.

[Misky]

Corey thanks for the info. Do you recommend anyone in particular? Do you know what the costs are?

[Corey Bryant]

Well I am actually in the process of reviewing on company. I have one call into them this morning. I can let you know how it goes & I will also find out about the high risk account.

[basak]

I looked into this option a while ago when they first brought it out. A drawback to Verified by Visa is that it only verfies Visa card holders who have voluntarily joined up to the service.

That is, anyone not using a Visa, or Visa users who have not signed up, are not protected.

-Bas

[Corey Bryant]

Actually basak - you & I are (were) on the same track. But that has totally changed. Visa has shifted the liability to the consumer now. If you sign up, & the consumer is not a verified member, they do not have to become one, but the guarantee is there. All issuing banks had to be compliant at the end of 2003. The gateways are supposed to be as well. Verified by Visa is actually outsourced to other companies.

[Corey Bryant]

Misky you will be happy to know that high risk merchants are eligible as well.

[Misky]

Corey - Thanks so much for the contact info and the follow up. I'm glad to hear they work with high-risk merchants too!!! My biggest concern was the number of cardholders that I would get coverage/protection on, as Basak said, and I am glad to hear that all Visa cards are covered, since that is 75% of my trx. I will tell them you sent me!

[Corey Bryant]

Thanks. They were extremely helpful with me & we are working on a system to implement them as well. Good luck with it!!

[Sevario]

Hey, don't keep us in the dark Misky/Corey, who's your vendor and what's the deal?

[Corey Bryant]

Right now, Sevario - contact Rick Lynch @ 877-352-8444 - just tell him I referred you. He'll set you up.

Thanks!

[basak]

That's great! There's obviously been quite a few improvements to the system which good news all round :o)

-Bas

[Misky]

I talked to CardinalCommerce yesterday (Rick - thanks Corey). It sounds like a great deal. I get verified by Visa and Mastercard's securecode together for one deal. They said I can be up and running in less than a week (we'll see). The main benefit is the visa card coverage. I guess the new deal is that ALL visa cards in the USA are covered and there is also some coverage in other countries. The guaranteed payment is only on Visa cards, but that is over 50 percent of my sales. Supposedly mastercard is going to make their program one hundred percent coverage later this year. What I really like is that I only have to use AVS and the Cardinal software, and nothing else, so I can eliminate my VeriSign service which is costing me about 30 cents per order. Cardinal's service is only 10 cents and I get guaranteed payment, which VeriSign doesn't offer. The best part is that if I don't like it I can just turn it off and I'm not locked into 5 years of contract. They also have a lot of information on their site, y'all should check it out, cardinalcommerce.com

[Misky]

Oh, I forgot, the best best part is that I can reduce my dicount rate by 5 points! I don't know how long this takes, but every little bit helps! :-)

[Corey Bryant]

Glad they set you up! We are working out something right now as well. I have a conference call with their VP of Ops on Monday to hopefully firm up a few things.