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Among the leading principles of business, two can be pointed out with complete certainty. This is profit maximization and risk minimization. But risks in business, especially in e-commerce, are not distributed evenly. If you are going to sell books, indoor flowers, or kitchen utensils, the turnover of money in such a company is unlikely to be large, as well as the interest of fraudsters in your income and eWallet.

But if you go into a highly profitable business, scammers will look for a weak point in your online account protection to gain access to your finances and the funds of your clients. One of the latest tools offered to protect e-commerce from fraudsters is Visa Merchant Purchase Inquiry or VMPI.

What Troubles Does VMPI Protect Against?

By opening a Maxpay account at maxpay.com, you can apply a VMPI tool to protect your business from different challenges and your eWallet from scammers.

Type of Concern for Online AccountNature of Damage to BusinessWhat VMPI Can Do About It for Your Business Account
ChargebacksCustomers who require a refund through the issuing bank and not directly from the business:

  • Lower the financial rating of the company as financial institutions are counting chargebacks
  • Cause additional expenses as the company pays a commission to the bank for chargebacks

 

VMPI notifies the company that a request for a chargeback has been submitted immediately after its registration.

 

The company’s managers have time to contact the consumer and resolve the dispute before the official procedure for the return of money through the issuing bank begins.

 

Unrecognized purchasesBank customers can see purchases that they did not make in their statement of expenses:

  • Perhaps someone found out their bank card details and paid for their purchases from their online account.
  • They could forget that they spent money on a specific product because something is bought every day.
The bank issuer notifies the company via VMPI that their client does not recognize these expenses and is ready to apply for a chargeback.

 

Managers of the company contact the buyer and provide them with the details of the order that they made.

 

Friendly FraudIf in the first two cases, the client can forget that they made a purchase or are simply looking for easier ways to return the money without demanding a refund from the company, in this case, there is a fact of intentional fraud:

  • Consumers make a purchase.
  • They get the product and use it.
  • They then go to the bank with a demand to return the money on some false basis.
Once a businessman has received a notice from VMPI about a chargeback, he can stop the delivery of the goods if he is still on his way.

 

In this case, the attacker will not be able to get a double benefit: both the goods and the refund.

 

DisputesA chargeback may lead to a dispute between the issuing bank and the businessman if the latter refuses to admit their guilt.

 

Such disputes are fraught with the fact that the company will have to pay its financial costs.

Due to the fact that VMPI notifies the company in advance about the impending chargeback, there is a chance to negotiate with the buyer and avoid tedious and costly disputes.

 

Visa Merchant Purchase Inquiry will alert your Maxpay account to all susceptible cases that may lead to chargeback problems. With VMPI alerts, your business in Europe will be safe and profitable even if you are working in the sphere of high-risk industries.

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