Apply the VMPI tool to protect your business account from scammers and inadvertent fraud
Among the guiding principles of business, two can be pointed out with absolute certainty. It is profit maximization and risk minimization. But the risks in business, especially in e-commerce, are not evenly distributed. If you plan to sell books, indoor flowers or kitchen utensils, the turnover of such a business is unlikely to be large, as is the interest of fraudsters in your income and your electronic wallet.
But if you’re going into a highly profitable business, scammers will look for a weak spot in protecting your online account to access your finances and your clients’ funds. One of the latest tools offered to protect e-commerce from fraudsters is Visa Merchant Purchase Inquiry or VMPI.
What issues 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 e-wallet from scammers.
|Online Account Concern Type||Nature of damage to business||What VMPI can do about it for your business account|
|Chargebacks||Customers requesting a refund via the issuing bank and not directly from the company:
||VMPI informs the company that a chargeback request has been submitted immediately after registration.
Company officials have time to contact the consumer and resolve the dispute before the official procedure for returning the money through the issuing bank begins.
|Unrecognized purchases||Bank customers can see purchases they haven’t made on their expense report:
||The bank issuer informs the business via VMPI that their customer does not recognize these expenses and is ready to request a chargeback.
Company officials contact the buyer and let them know the details of the order they placed.
|Friendly Fraud||If in the first two cases the customer can forget that he made a purchase or is simply looking for easier ways to return the money without asking the company for a refund, then in this case it is a intentional fraud:
||Once a businessman receives a notice from VMPI regarding a chargeback, he can stop delivery of the goods if he is still on the way.
In this case, the attacker will not be able to obtain a double advantage: both the goods and the refund.
|Disputes||A chargeback can lead to a dispute between the issuing bank and the businessman if the latter refuses to admit guilt.
Such disputes come up against the fact that the company will have to pay its financial expenses.
|Since VMPI informs the company in advance of the impending chargeback, it is possible to negotiate with the buyer and avoid tedious and costly litigation.|
Visa Merchant Purchase Inquiry will alert your Maxpay account to any instances that may lead to chargeback issues. With VMPI alerts, your business in Europe will be safe and profitable even if you work in high risk industries.