When cardholders are reviewing their card statement, confusion over if a purchase is legitimate is one of the most common occurrances. A cardholders’ first reaction when this occurs is typically to pick up the phone to contact the issuing bank, tying up valuable issuer resources in an attempt to identify this purchase and/or pursue a dispute. With digital goods purchases on the rise and currently representing almost 20% of all disputes Visa sees, the potential to see an increase in dispute volume is likely. This can be expensive, as the cost of fielding the telephone calls and working a dispute can be far greater than the purchase amount itself.

In 2016, close to 3 million disputes were due to a cardholder not recognizing a transaction.

VCPI provides issuers with a self-service model for their cardholders to review transaction specifics sent by participating merchants. Through API technology, issuers can integrate VCPI data directly into their online or mobile banking portal. By providing this data to your cardholders, you allow them to solve many of the basic questions that customer service representatives today must field. For example:

    • "Where was this purchase made because I don’t recognize this merchant?"

    • "I don’t believe I made this purchase."

    • "I never received a package."

With VCPI, inquiries made by cardholders on a specific transaction will return data from the following sources:

    • VisaNet Transaction Data – Data flowing through the payments authorization, clearing and settlement process.

    • Third party merchant identification data – Verified third party data of merchant data/location.

    • Transaction details from participating merchants – With over 200 data elements to choose from, merchants provide real-time data on detailed purchase information.