Actually Host Ultra, it does not matter about the cardholder. There have been some major changes in this. It matters if you are signed up for it. When the cardholder hits submits, it first goes to another 'gateway' - if the cardholder is not registered, it will try to register them. If they decline, the payment is still guaranteed for the "I didn't do it".
Securecode is not out there as much, but it is supposed to be implemented completely by the end of the year. Visa is there.
If a cardholder does call up their CC company & says I didn't do it - it is between the issuing bank & the cardholder. You are no longer involved. There are some fees involved in this of course (about $200 set-up, $15.00 a month, $.08 a transaction), but your bank should also be giving you 5 basis points back as well. That is still be "discussed". Visa is giving this credit to the acquiring banks right now.
If you do recurring billing though - it is not all that great though. This relies on customer input. Meaning that maybe the first time they set up the recurring billing you are set, but for all those type of future payments, they are not guaranteed. There are also a few ways around this as well.