Offers a Wealth of Benefits to Issuers
- May help enable US Visa debit card issuers to meet their regulatory requirements when consumers contact their issuer to stop preauthorized payments from their accounts after contacting the merchant.
- Can reduce the need for issuers to charge back preauthorized payments because the stop payment orders and revocation of authorization orders are on file.
- May improve the cardholder experience of using bill pay and subscription billing services.
- Can reduce automatic bill payment operational costs.
- Can help to reduce authorization declines for preauthorized payments.
Benefits Acquirers, Too
- Provides acquirers and their merchants with descriptive authorization response codes and return reason codes.
- Helps reduce chargebacks and authorization declines by providing information that a stop order is on file.
- Encourages consistent handling of stop payment orders and revocation of authorization orders.
Gives Cardholders Convenience and Control
Preauthorized Payment Cancellation Service gives cardholders a way to stop payment of preauthorized funds transfers from their accounts after they have notified the merchant—facilitating more control and convenience. Visa provides an integrated solution within an issuer's back-office or call center application to allow them to initiate stop payment requests.
Keeps Merchants Informed While Reducing Chargebacks
Preauthorized Payment Cancellation Service lets merchants know that a consumer has stopped payment or revoked authorization of a preauthorized funds transfer. This communication enables consistent handling of stop orders, which may reduce chargebacks for preauthorized payments.