Visa Compelling Evidence 3.0 – Introduction of VFRMP (VFDMP as of October 14, 2023) Online purchase volumes are at an all-time high, leading to increased instances of first-party misuse (friendly fraud). On April 15, 2023, Visa released updated rules, called Compelling Evidence 3.0 or CE3.0 for short, to help card-not-present merchants mitigate the problem of […]
For Subscription Sellers Starting in April 2023, the introduction of Visa’s new Compelling Evidence 3.0 (CE3.0) may give relief for subscription sellers who have struggled with first-party misuse (friendly fraud) for years. The ease and convenience of reoccurring subscriptions is ideal for customers; but the billing model can put sellers at greater risk for friendly fraud, […]
According to Visa internal reporting, friendly fraud can account for up to 75% of all chargebacks. “Friendly fraud is not always friendly, especially from a merchant’s perspective,” said Mike Lemberger, Senior Vice President of North America Risk at Visa. The Fair Credit Billing Act of 1974 legislated the chargeback process to help protect consumers; but […]
Chargebacks and disputes may be top of mind for merchants, with Black Friday and, more recently, Cyber Monday in the rearview mirror. To that end, Verifi, a Visa Solution, said in its RDR Expansion webinar in mid-November that its Rapid Dispute Resolution (RDR) decision engines, which automate dispute resolutions, could help cement better customer satisfaction with issuers […]
Be among the first to experience the benefits of Rapid Dispute Resolution. Verifi has leveraged over 13 years in dispute resolution with our industry-leading innovative solution Cardholder Dispute Resolution Network™ (CDRN®). Joining Visa’s vast global network of issuers and sellers, Verifi is uniquely positioned to revolutionize the payments industry with this automated pre-dispute solution – Rapid Dispute Resolution. […]
Digital shopping has become the new normal due to store closures, reduced in-store product availability, and restrictions placed on physical shopping. As a result, online shopping has increased by 35% from 2019 figures. Visa has identified six truths affecting sellers which help direct how Visa will prioritize products and services in the near term. Those […]
Over the past few months, Verifi has been working closely with our merchant and issuing partners to build shared awareness and understanding of impacts, and support your preparedness to help ensure a smooth and successful launch. 1. Does Visa’s new return authorization mandate enable the cardholder-initiated refunds to settle sooner? Visa Purchase Return Authorization is […]
With Visa’s new Purchase Return Authorization rules update live on October 19, 2019, merchants should know there may be several actions to be taken for their refund process to be in alignment with the new rules. In this informative session, Verifi payments experts Lisa Tennant, SVP of Global Client Relations, and Gabe McGloin, VP of […]
San Francisco, CA – September 12, 2019 – Visa (NYSE: V) today announced it has completed the acquisition of Verifi, a leader in technology solutions that reduce chargebacks. The acquisition of Verifi strengthens Visa’s role of facilitating trust and transparency across the buying experience by extending its dispute resolution capabilities to support a broad range […]
Effective October 19, 2019, Visa will require merchants in the US, Canada, and LAC to perform a purchase return authorization on each cardholder refund. In turn, issuers are required to make these pending return authorizations visible to consumers via online banking and mobile applications, driving transparency to consumers when a refund is in process. Purchase […]