REPORTING HUB FOR MERCHANTS OF SIGNATURE CARD SERVICES
Click Here for most frequently asked questions about Visa Claims Resolution (VCR)
Q: Once I run a charge, how long does it take for the money to show up in my business checking account?
A: There are many factors that can determine when you receive these funds, including your business type, the method
by which you accept credit card payments from your customers, when you close your deposit batches, as well as posting
policies of your bank, to name a few.
We realize how important it is for you to receive your funds as quickly as possible, so contact us if you experience
any funding issues and we will see if we can adjust your account structure to speed up this process for you.
Q: A merchant account with Signature allows me to accept VISA, Mastercard and Discover cards. How can I accept American Express?
A: The ability to accept all card types gives you a competitive advantage, and adding AMEX to your card acceptance options is a wise business decision. To apply for AMEX, you can either call our Customer Service department at 800-631-3072 or you can log into our online Merchant Resource Center here at merchantinfo.com.
Q: What is a monthly minimum?
A: Great question! A monthly minimum fee is the minimum amount of fees that Signature Card Services will charge if you don’t process any credit card transactions in a given month.
Q: What is CVC, CVV2 or CID codes?
A: The CVC or CVV2 is a three-digit code following the signature box on the back of VISA, Mastercard or Discover Cards. This code is an additional layer of protection in preventing credit card fraud. CID is a similar, four-digit code for American Express cards and it is located on the front of the card.
Q: Am I in a contract with Signature?
A: Yes. Like all merchants that process credit cards in the United States, your ability to accept credit cards is contractual. If you need help determining the terms of your agreement with Signature, please call us at 800-631-3072.
Q: Can I review my statement online?
A: Yes. Your monthly statements are available at our online Merchant Resource Center located at www.merchantinfo.com. Please contact our Customer Service department at 800-631-3072 if you need help locating the statements and/or to receive your login credentials.
Q: What are chargebacks and how will they affect my business?
A: A chargeback occurs when a consumer makes a purchase and afterwards disputes or questions the charge with their bankcard issuer.
Usually, this happens because the customer is unable to resolve the issue with the merchant. The bankcard issuer then contacts the
processor (Signature) and the processor in turn requests that the merchant provide documentation related to the disputed transaction.
The burden of proof lies on the merchant to verify the validity of the transaction and the satisfactory delivery of service or product.
The merchant must respond in ten business days to verify the purchase.
Chargebacks can affect your business because they cost you time and money. They could also negatively impact your processing reputation
and limit your ability to accept credit cards.
We can help you minimize your exposure to risk of chargebacks, so please call our Risk Prevention department at 800-631-3072 to learn
how to protect your business from chargebacks and/or how to handle them when they occur.
Q: How can I reach a customer that used their credit card at my store?
A: You might be able to retrieve their phone number through your customer’s bank. You can access their bank information by contacting our Customer Service department at 800-631-3072.
Frequently Asked Questions
Q: What is Visa Claims Resolution (VCR)?
Visa Claims Resolution (VCR) is Visa’s new dispute program for chargebacks.
Q: Why is Visa changing its dispute process?
The new VCR program was designed to reduce time, cost, and the number of chargebacks by deploying a liability assignment model that leverages existing data.
Q: What are the main changes to Visa’s dispute process?
Q: Who is impacted by VCR?
All merchants, acquirers and issuers worldwide are impacted by the VCR program.
Q: What is the Allocation process?
The Allocation Process is assigned to fraud and authorization disputes. Visa allocates the financial liability of Allocation disputes to the merchant and acquirer. Visa will do so by performing a series of automated, real-time checks such as:
Q: What is the Collaboration process?
Disputes categorized within the Collaboration process are related to processing errors and consumer disputes. Within Collaboration disputes, Visa expects that the issuer will collaborate with the merchant and acquirer to share relevant information related to the transaction in order to determine who is financially liable for the dispute. While most disputes will fall under the category of Allocation, some disputes will still require interaction between merchants, acquirers, and issuers (Collaboration).
Q: How will pending disputes be managed during the migration period?
Any pending disputes that are being dealt with during the migration period, will remain on the previous process.
Q: Should I expect the volume of disputes to change?
Yes, the volume should lessen. Visa’s new system will evaluate a dispute at the time that it is created by the issuer and will determine the validity of the dispute. Invalid disputes will be returned to the issuer, without any action required by the merchant.
Q: Are there any changes to how I challenge a dispute under the new VCR program?
The biggest change to challenging a dispute under the VCR program is the deadline that you must respond by to the dispute. If you do not plan on challenging the dispute then you should accept the dispute. For Collaboration disputes, you must respond to the dispute by day 24 if you intend to challenge the dispute. For Allocation disputes, you must respond by day 18 if you intend to challenge the dispute.
Q: If I challenge a dispute do I still get provisional credit for the amount of the dispute?
For Allocation disputes, there will be no provisional credit that is given to the merchant upon challenging the dispute. However, for Collaboration disputes, the process will remain the same as it is today and a provisional credit will be given whenever a Collaboration dispute is challenged.
Q: What will happen to the dispute volume associated with reason code 75?
“Cardholder does not recognize,” which is Reason Code 75 has been retired. Going forward, the issuer will be required to use one of the new reason codes:
Visa Claims Resolution: Efficient Dispute Processing for Merchants
Q: What is the Merchant Purchase Inquiry?