Answer:
Answer by John Burnett: Visa's zero liability and provisional credit requirements only apply to unauthorized transactions over the Visa network.
Answer:
Answer by Brian Crow: Although provisional credit is not required in five business days as it as if the transaction is the result of fraud, VISA does require that the cardholder receive provisional credit once a chargeback is filed on the cardholder's behalf. In certain circumstances for electronic commerce (i.e. internet purchase), VISA also requires that the cardholder receive credit even if a chargeback is not filed.
From Page 860 of the April 15, 2012 edition of VISA Operating Rules.
Attempt to Settle
Before exercising a Chargeback right, the Issuer must attempt to honor the Transaction. If this fails and the Issuer has already billed the Transaction to the Cardholder, the Issuer must creditthe Cardholder for the Chargeback amount. An Issuer must credit its Cardholder's account for the amount in dispute, whether or not a Chargeback was initiated, if the dispute involves an Electronic Commerce Transaction and the conditions are met for any of the following Chargebacks:
- Reason Code 30, "Services Not Provided or Merchandise Not Received"
- Reason Code 41, "Cancelled Recurring Transaction"
- Reason Code 53, "Not as Described or Defective Merchandise"
- Reason Code 83, "Fraud-Card-Absent Environment"
- Reason Code 85, "Credit Not Processed"
First published on BankersOnline.com 10/22/12
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