Verifi, a Visa company, launched Order Insight to help tackle the growing chargeback crisis. Now, with this tool available, merchants have a powerful asset to stop many types of chargebacks before they are ever filed.
It’s good news for merchants… as well as the banks who represent them.
What is Order Insight?
Order Insight works as a plugin for the Visa Resolve Online (VROL) platform. The service offers automated, real-time data communication between issuers and participating merchants, letting merchants prevent many chargebacks before they happen.
Order Insight (formerly known as the Visa Merchant Purchase Inquiry, or VMPI) provides merchants the ability to respond to inquiries in real-time. Automatic responses also immediately provide additional information such as shipping confirmation, cancellation number, or product name.
The simplification of this transaction inquiry response helps merchants and acquirers differentiate between valid and illegitimate disputes. It can streamline the dispute process and even prevent many disputes from happening.
Order Insight Benefits for Acquirers
For acquirers, the benefits of Order Insight are twofold.
First, the platform improves the dispute resolution process for merchant clients by allowing them to respond to and resolve disputes that might otherwise have become chargebacks. Merchants are less likely to see chargeback-related problems with business continuity, which benefits the acquirers who work with them.
Second, Order Insight benefits merchants directly by streamlining overall chargeback operations. It improves communication between merchants and issuers and simplifies transmission and reception of documentation. It also automates as much of this internal processing as possible.
How Does Order Insight Work?
Under the previous system, merchants and acquirers would only be notified of a dispute upon receipt of a chargeback notification. In contrast, Order Insight involves several steps that cut straight to the heart of a dispute before a chargeback is filed.
These include:
Step One | Transaction Inquiry
The process begins with a transaction inquiry that is automatically communicated to the merchant. With the new system, banks and card networks can recall critical information quickly and efficiently. This lets the merchant supply the buyer with details about the transaction that could eliminate the need for a chargeback.
Step Two | Inquiry Response
If the cardholder is satisfied by the new information, the issue is resolved immediately. Otherwise, it will be escalated to a dispute.
Step Three | Dispute
Complaints that cannot be successfully resolved through Order Insight will proceed as a normal chargeback. This happens only as a last result if no other resolution can be reached.
Sharing Information Through Order Insight
With a card transaction, a certain amount of data is available to all parties involved. Concerns about efficiency or privacy ensure that only partial information gets transmitted between banks, merchants, and card schemes.
With Order Insight, however, merchants can choose precisely what information — and how much of it — to send. Any information shared is completely secured and will never be replicated. The information shared through Verifi Order Insight could include:
- Business name
- Business address
- Business phone number
- URL
- Customer name
- Customer email
- Customer phone number
- Any customer notes
- Transaction ID / number
- Customer IP address
- Payment type
- Listing price
- Order number (and order amount)
- Tax information
- Purchase location
- Device used
- AVS, CVV, and 3-D Secure response codes
- Product name
- Product description
- Price of goods
- Product images
Essentially, banks should encourage merchants to include any and all details relevant to the disputed transaction, and in this case, more is best.
