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Verified by Visa does not preclude rebillable transactions. There is a process that has to be followed and disclosure that has to be included. Nothing really different than what we do now, making the words fit with what the cc's want them to say.
Bank of America's been testing Verified by Visa for at least a month that I know of... it's no big deal if you refuse to include your card in it, and I did notice one thing -- there is nothing prominent or visibly noticeable in the basic terms and sales pitch for it that makes it plain to consumers that they will lose the ability to charge back if they use this system with their cards.
Talk about taking a page out of our book.
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