Leading card brands Mastercard and Visa regularly introduce new rules and update old ones. Whether merchant level salespeople, operations and customer service staff, and merchants are advised not only of the letter of the changes, but also their spirit and likely impact on day-to-day business practices can be a hit or miss kind of thing. It depends on how much attention payments companies give to disseminating information. Recent and slated changes to chargeback rules are an example. Some in the industry are fully informed and explaining to their merchant customers how to adapt to the new rules, reason codes and deadlines; others have yet to begin.
Helping merchants navigate the changing chargeback landscape can be a highly effective retention tool, and we all know how critical customer retention is. Thus, the lead article in this issue discusses the new and upcoming chargeback rules, explaining what they are, the rationale for them and how merchants can adapt to them. Getting this right can boost a merchant's bottom line by both preventing chargebacks and mitigating the financial impact of those that do occur, which, in turn, helps cement merchant/ISO relationships.
Assisting with chargebacks isn't the only way in which payment professionals can help merchants boost their bottom lines. One of our contributing writers discusses the importance of focusing on tools to help merchants be profitable and keep their doors open, as opposed to offering one-size-fits-all value adds. If you think this is too far outside your job description, you might change your mind after reading this article. Other contributors delve into lessons learned over a long, enlightening career in payments; improving the customer and merchant self-service experience; three things to know about data privacy regulations; immediate and potential long-term impacts of a Louisiana ruling that Walmart.com is liable for sales tax on transactions made by third-party sellers; and why focusing on merchant needs is far better than mastering the latest, dazzling technology.
In addition to product and company profiles and updates on individual and company milestones, you'll find news briefs covering ATM industry opposition to cash bans; big banks' high marks for merchant services; growth in digital commerce; bankers and insurers playing digital catch-up; and a new, simpler mobile standard introduced by the NFC Forum.
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