VR Commerce at VRLA

VRLA is the world’s largest immersive technology festival – and this year, Payscout is showcasing VR Commerce and helping innovators understand the qualifications for implementing a VR Commerce strategy.

Payscout is demoing virtual reality (VR) commerce use cases for retail/etail, non-profit, sports and entertainment – and even an immersive event-registration – at VRLA, the world’s largest immersive technology festival.

Payscout CEO and Co-Founder Cleveland Brown will speak on Saturday, May 5 in the VRLA Theater (South Hall, 403AB) on the questions every innovator should ask to determine if they need a VR Commerce Strategy.

For a limited time, the Payscout VR Commerce demos will come complete with a free T-shirt for visitors at booth #612 – so if you’re attending VRLA this weekend, don’t miss your chance for a free shirt (check it on our crew above)!

Payscout at DIG SOUTH Tech Conference 2018

On Friday, April 27, Payscout CEO Cleveland Brown spoke at the DIG SOUTH Tech conference about the monetization of immersive content. Considering the recent rise in discussion around the importance of VR Commerce, the talk came at a fitting time. The audience comprised over a hundred curious participants who asked a whole range of questions about adoption of VR commerce, such as what strategies small-to-medium sized companies could employee to embrace virtual reality or how one should define the customer journey within a VR experience.

DIG SOUTH is an annual event that connects leading global brands like Oracle, IBM and Salesforce to the top tech leaders and entrepreneurs in the South. Over the last four years, DIG SOUTH has welcomed more than 5000 attendees and 800 speakers from the world’s leading brands, including Facebook, Google, BuzzFeed, IBM, Boeing, Twitter, The New York Times, Adobe, Kickstarter, VaynerMedia, Inc, Fast Company and hundreds more.

In June 2017, Payscout became the first company in the world to integrate frictionless payments tied to the fulfillment of physical goods in virtual reality. VR Commerce enables the user to have an immersive, emotional 360-degree experience before being transported to a virtual store where they can interact with products and make a frictionless payment without having to remove their headset.

To learn more about VR Commerce and get a free consultation from Payscout, visit: https://www.payscout.com/vr-commerce.

Chargeback Changes for CVV2 Mismatch

Change in Visa Chargeback rules in case of a CVV2 mismatch

Effective April 14, 2018, Visa card issuers are no longer able to chargeback a transaction if the original authorization was approved but included a CVV2 mismatch response. Let’s look at this in simple terms and understand its implications on merchants and issuer banks.

The CVV2 or Card Verification Value is a 3 digit number located at the back of a Visa card and is separate from the main credit card number itself. It is a secure number that protects merchants from fraudulent transactions in card-not-present situations, including over the phone (MOTO) or online. It serves as proof of possession of the card by the customer, especially since Visa strictly prohibits merchants from storing CVV2 numbers as a part of the customer’s data.

CVV2 numbers come into play when the customer first enters their credit card details. The issuer bank verifies the card details and ensures the customer’s account has the amount needed to make the purchase. Once the verification is completed, the issuing bank ‘authorizes’ the transaction.

Next, the authorization (along with the CVV2 code) are sent to the payment gateway. At this point, the CVV2 code entered by the customer is “matched” with the correct CVV2 code and a response is generated.

These are the response codes:

M – If the codes match

N – No match

P – Not processed; the code was not validated.

S – Should be on card but not indicated; customer left the field blank

U – Issuer does not participate in the CVV2 program

The payment is captured by the gateway if the codes match.

Now, imagine a situation in which the customer complains they have been billed for a transaction that wasn’t done by them. The merchant checks their records and notices that the same transaction was declined at their end. This essentially means that the transaction was ‘authorized’ by the issuer bank but was ultimately declined once there was a CVV2 code mismatch.

Regardless, a chargeback is issued to the merchant. The merchant then looks at the response code to determine whether the customer was in possession of the card for this transaction. If the response received is ‘N’ or a ‘No match’, the merchant seeks protection from the chargeback.

With the new rules implemented by Visa, the issuer can no longer issue a chargeback to the merchant in a situation where the payment has been authorised but the CVV2 code has mismatched.

Key takeaway: As a result, this change will likely lead to an increase in the number of authorization rejections when the CVV2 provided is incorrect, as issuers will take more measures to protect themselves.

If you’re a merchant, please be reminded that the CVV2 should always be used as part of your fraud prevention measures for one-time, card-not-present transactions and continue to capture the correct CVV2 to help ensure that the used card is in the cardholder’s possession.

 

Learn more about Payscout’s e-commerce solutions and how we help keep our merchants safe and secure: www.payscout.com/eCommerce

 

 

 

Register for VRLA – in Virtual Reality

Payscout has partnered with VRLA, the world’s largest immersive and transformative technology expo, to create a VR registration app that enables users to register for the event – and pay for their tickets – in virtual reality.

The VRLA registration app is available now through April 30 on the Google Play app store. Download the app today!

The experience is worth having whether you’re attending VRLA or not, but if you’re planning to attend and have not yet registered… this is your chance to make history.

Here are a few simple steps to complete your registration.

What do you need?

An Android mobile device and VR cardboard glasses

Step 1:

Find the ‘Payscout VRLA Registration 2018’ app on Google Play store and download it.

Step 2:

Fill in basic registration details on your app.

Step 3:

Log into your existing Visa Checkout account or create a new one (don’t worry – this doesn’t take much time at all!)

Step 4:

Once you have confirmed your registration, the app will prompt you to switch to VR. At this point, place your phone in your cardboard VR headset.

Step 5:

Turn on the volume, sit back, and enjoy the short video clip.

Step 6:

Next, you’ll be transported to outer space. Everything is different when there’s no gravity. Do you have what it takes to avoid the obstacles and make it to the VRLA registration booth?

Step 7:

Phew! That asteroid almost got you, but at least you made it to the VRLA registration booth! Now, pick the pass that best suits your needs (your head movement guides the cursor!) and select your option. Pssst.. there’s a special discount on the two-day pass for avoiding that asteroid like a boss!

Step 8:

Follow the instructions on the screen and complete your transaction by selecting the Visa Checkout button. You’ll receive a confirmation of your registration in 1-2 business days. What’s more, use your confirmation mail to score a free t-shirt at the Payscout booth at VRLA!

Hope you had fun registering in virtual reality! We’ll see you in the real world at VRLA on May 4-5!

Live from TRANSACT: Sionic Mobile and Payscout Announce Strategic Alliance

Today at TRANSACT, Payscout and Sionic Mobile, a leading provider of cloud-based connected commerce and loyalty currency gateway services, announced they have entered into a strategic alliance to provide enhanced mobile payments and loyalty solution helping merchants connect with and more effectively engage millions of consumers nationwide through their favorite mobile app.

Book time to learn more about this mobile payments and loyalty solution!

Sionic Mobile’s award-winning ION Commerce Engine® (ICE) and Mobile Rewards Marketplace® will supplement Payscout’s innovative payment products, including Virtual Reality (VR) Commerce, a finalist for the Electronic Transactions Association (ETA) Star Award, “Technology Innovation of the Year,” which will be awarded during TRANSACT.

“Through the Sionic Mobile partner alliance, merchants will be able to quickly and easily deploy a sophisticated mobile strategy,” said Payscout’s Co-Founder and President, Manpreet Singh. “Building consumer loyalty in today’s increasingly competitive market is crucial to the future success of merchants. The Marketplace not only enables the convenience of mobile payments, but also delivers an exceptional end-user experience that attracts new customers, while encouraging repeat business.”

Yahoo! Finance: Sionic Mobile and Payscout Announce Strategic Alliance

Ronald Herman, CEO and founder of Sionic Mobile, said, “Like Payscout, we are focused on providing innovative, yet intuitive commerce solutions that simplify and streamline the payments process, while providing a richer customer experience. Through this integration, Payscout’s merchants will be able to quickly and easily reach millions of consumers through an app already on their mobile device, providing innovative services to merchants of all sizes with little to no upfront investment.”

 

VR Commerce: Technology Innovation of the Year Finalist

Payscout’s Virtual Reality (VR) Commerce solution is a finalist for the Technology Innovation of the Year award from the Electronic Transactions Association (ETA). The award winner will be announced at ETA’s TRANSACT 2018 in Las Vegas, Nevada. 

The ETA Star Awards honor individuals and companies that have made a significant difference in the payments industry through innovation, business practices, or contributions to the association.

In June 2017, Payscout became the first company in the world to integrate frictionless payments tied to the fulfillment of physical goods in virtual reality.

Bloomberg TV: Juan Sotelo, Payscout COO, says VR will change retail.

VR Commerce enables the user to have an immersive, emotional 360-degree experience before being transported to a virtual store where they can interact with products and make a frictionless payment without having to remove their headset. 

If you’re attending TRANSACT, you can experience this ground-breaking technology in a one-on-one demo and learn more about Payscout’s global suite of innovative payment processing solutions. 

Click here to book a meeting for a one-on-one VR commerce demo at TRANSACT!

 

Bloomberg TV: Payscout Unveils VR Shopping Tech

Payscout is at Shoptalk this week demoing a VR payment experience that shows how easy it could be for users to make frictionless donations in VR, without reaching for their headsets or wallets.

Payscout Chief Operating Officer Juan Sotelo was on Bloomberg TV yesterday to talk about those VR experiences – and how they are poised to change retailing.

You can see the video here: https://www.bloomberg.com/news/videos/2018-03-20/how-virtual-reality-will-change-retailing-video

Payscout Demos VR Donations with Visa at Shoptalk

At Shoptalk this year, Payscout will demo an exciting VR payment experience that shows how easy it could be for users to make a frictionless donation via Visa Checkout, the easier way to use a Visa card online, without reaching for their headsets or wallets.

Shoptalk attendees can catch an up-close experience of live skateboarding action by rolling over to Visa’s Everywhere Lounge on the showroom floor.

Visa’s Shoptalk activation will feature skateboarders on a specially constructed halfpipe – adjacent to a virtual payments lounge, where attendees can participate in a live demo showing how easy it could be to make frictionless donations in virtual reality, powered by Payscout.

In the lounge, users will be able to experience a demo wearing Google Cardboard VR headsets which takes them into a virtual world where they can experience how easy it could be to “make a donation” by using Visa Checkout without pulling out their wallet or taking off their headset.

Payscout’s payments technology in concert with Visa Checkout will allow participants to see how easy it could be to make a virtual donation.

Learn more about VRCommerce here. 

Visa’s New Claims Resolution Process: What it Means for Your Business

Visa is introducing a new process called Visa Claims Resolution (VCR) to resolve disputed transactions or chargebacks. While the goal is to simplify and expedite the claims resolution process, these changes will have an impact on your business. Payscout is here to help you understand how.

What does VCR mean?

With VCR, Visa is moving away from a “litigation based” dispute processing model to “liability assignment” based model. This essentially means that instead of each case of chargeback being treated like a “courtroom trial,” with several rounds of back-and-forth between all the stakeholders, Visa will automate a large part of the process and assign liability to the concerned party. This will reduce the amount of communication taking place between the issuer, merchant, and acquirer. The intention is to save time, resources, and cost. There will be human intervention only in case of complex cases of chargebacks.

Why is Visa making this change?

Visa found that it took an average of 46 days to resolve a chargeback, and in certain cases, up to 100 days. The objective of VCR is to simplify the process of addressing disputes and make it more efficient. This will reduce cost and wait times for you (the merchant) – but it will also reduce your response time (more on that further down the post). VCR aims to resolve chargeback issues within 31 days or less.

When will these changes go into effect, and who will be impacted?

VCR will be effective on April 13, 2018. The new rules will be applicable to all merchants, acquirers, and issuers worldwide. Ultimately, it will also impact your customers.

What is changing?

Under the current system, you can file a chargeback under 22 different Reason Codes. To simplify the process further, VCR will now allow cluster these reasons into 4 broad categories called Dispute Categories:

  • Fraud
  • Authorization
  • Processing Errors
  • Consumer Disputes

There are now two new process flows for tackling the disputes in these categories: Allocation and Collaboration.

Allocation will be used to resolve disputes under the Fraud and Authorization categories. Visa Resolve Online (VROL), the existing platform for filing disputes online, will play a pivotal role of automating the process. It will run an automated check of the chargeback filed by the customer and then automatically reject it:

  • if the customer’s timeframe for lodging a complaint has elapsed
  • if a return issue has already been filed in your system for the customer

Automatic blocking of redundant or ineligible requests will reduce the annual number of chargebacks by 14%, according to Visa, thereby shortening timelines.

In a case where a customer’s dispute qualifies, VROL automatically assigns the liability to the merchant.

While the majority of disputes will fall under the Allocation Workflow, some disputes would necessarily need several rounds of interaction between the merchants, issuers, and acquirers. This is particularly true for Processing Errors and Consumer Disputes categories.The process of Collaboration is the same as the current process of filing and resolving disputes.

What are the key takeaways business owners should know?

  • Your response time decreases from 14 days to 10 days. You will have to develop a mechanism that allows you respond fast and accurately. Using electronic dispute processing options and enrolling for email notifications is strongly advised.
  • Under allocation workflow, you will be able to defend a chargeback only if you have compelling evidence. This means that you will have to record and maintain evidence for every transaction.
  • This blog post. We’ll keep updating this blog as we hear more from Visa on this new development.

Source: VCR Efficient Dispute Processing for Merchants

Use Case: Nonprofit Uses VR to Raise $2.4M in One Evening

VR_nonprofit_charitywater.jpg

Charity: Water, an international nonprofit that provides clean and safe drinking water to people in developing countries, used an immersive virtual reality experience to raise $2.4 million dollars in one evening at a black-tie fundraising banquet at the Metropolitan Museum of Art in New York.

Those who live and work in the world of virtual reality have long believed in the power of the medium to evoke empathy in immersive experiences.  A use case from Charity: Water is showing just how far that empathy can go when it comes to fundraising for nonprofit causes.

The Source is a 360-degree video that chronicles a week in the life of Selam, a 13 year-old Ethiopian girl whose family gains access to clean water for the first time in her life. The film was commissioned by Charity: Water, and was shown using Samsung Gear VR headsets to 400 attendees of the nonprofit’s annual event before  the fundraising portion of the evening began.

One donor, who had already committed to giving $60,000 to Charity: Water, was so moved by the VR experience that he donated $400,000  instead – more than 6x above his original pledge.

What is particularly intriguing about the impact of the immersive experience on donor conversions in this use case is that there was no frictionless donation mechanism available, meaning the event attendees had to take the headset off and determine their donation amount after the experience had ended.

Payscout, a leading payments ingenuity company, recently announced the world’s first non-profit donation in virtual reality at CES . What is so compelling about VR as a storytelling medium is that it places the viewer at the center of the experience and fully immerses them in the world of the story. There are no distractions or interruptions in that world – and through Payscout’s innovative VR Commerce solution, non-profits can now enable frictionless donations while the viewer remains in the 360-degree experience.

As more use cases for VR emerge, the world will continue to see the power of immersive experiences to evoke empathy. In parallel, frictionless payments will enable even higher conversion rates (and reduce “shopping cart abandonment”) by enabling donations within the experiences.

Click here to read more about the revolutionary world of VR Commerce.