Blog | Industry Insights
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Transaction Disputes Rise as Supply Chain Disruptions Persist
As the pandemic winds on into its third year, waves of new virus variants continue to wreak havoc with supply chains. Firms responsible for taking goods through each step on the journey from manufacturing to customers’ doorsteps find themselves short-staffed as new restrictions take shape around the globe. Merchants are also feeling the ripple effects,…
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Verifi CEO: Rapid Dispute Resolution Makes for ‘Cleaner’ eCommerce Ecosystem
Within any commerce ecosystem — especially in eCommerce — chargebacks seem a way of life. For merchants especially, chargebacks are a drain on time and money. Better communication between merchants and issuers, Verifi CEO Matthew Katz told PYMNTS’ Karen Webster, resolves disputes early, prevents chargebacks and ultimately improves the customer experience. The conversation came against a backdrop in which,…
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Visa’s Verifi: Merchants Empowered by Global Expansion of Rapid Dispute Resolution
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…
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Stress-Testing Your Chargeback Management Strategy
Your Dispute Handling Procedures in Action By now, merchants realize that the consumer trend away from in-store shopping and toward e-commerce is not going to reverse any time soon. In fact, a recent study reported that 44% of global consumers now purchase physical goods online.1 With so much new online purchasing and so many businesses…
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Top 3 Ways to Improve Your Dispute Prevention Strategies
The Importance of Building a Strong Dispute Handling Process Success and longevity in e-commerce are driven by a solid payments strategy and strong customer service standards. Yet, the payments landscape is changing rapidly, which can make it difficult to navigate without a strategy. Today’s merchants need to maintain diversified payment channels – mobile sales, third-party…
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The Dispute Landscape – Past, Present & Future (Part 2)
Total Dispute Management and Pre-Disputes In October 2019, Visa acquired Verifi. Since day one, the companies have been exploring ways to prevent or resolve disputes quickly. Since then, we have made tremendous strides integrating our solutions with Visa’s infrastructure and have co-developed a revolutionary product, Rapid Dispute Resolution (RDR) – the first fully automated dispute…
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The Dispute Landscape – Past, Present & Future (Part 1)
When I founded Verifi in 2005, the term “FinTech” was just gaining traction. And suddenly the SaaS transaction dispute solution I was working on had a category. Our first launch in dispute management was Managed Dispute Representment. By 2017, we had worked our way up the dispute cycle to resolve and prevent pre-disputes before a…
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Rapid Dispute Resolution Is Here
Remote Purchasing and Automation The rapid growth of e-commerce has brought on technology that provides greater purchase transparency for customers. After all, the customer is the king – they have the right to know what’s happening in their accounts. Now, up to 73% of customers engage with their issuer’s mobile app or website at least…
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Removing Human Error in Stopping Chargebacks
So much of life is routine. On most days, many of us wake up at a set time to go to a job; we work a planned schedule; we commute a predetermined route both ways. On top of that, we program our morning coffee to brew at a certain time, set thermostats to turn on…
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More Collaboration, Fewer Transaction Disputes
Lack of communication and transparency in information can result in bad decisions and negative outcomes – particularly when it comes to transaction disputes. Consider the following scenario: A customer makes a credit card purchase with a merchant, but the customer doesn’t recognize or remember that transaction later while reviewing their bank statement. The customer suspects…
