Extended Relationship Enables Lime Light CRM Customers to Now Access Verifi’s Decline Salvage Service as a Standalone Option
LOS ANGELES, CA —(April 7, 2015) – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, announced it expanded its long time, strategic, partnership with Lime Light CRM, a company helping marketers streamline and manage marketing campaigns and generate high volume transactions across multiple countries. Under the new partnership, Lime Light CRM’s subscription billing customers will be able to increase their authorization rates with Verifi’s Decline Salvage service as an a la cart option, allowing immediate access to its customer base without added integration.
Research suggests, acquiring a new customer is five to 10 times more expensive than keeping an existing customer. Verifi’s Decline Salvage offering utilizes proprietary algorithms to optimize authorization conversion rates by minimizing unnecessary and erroneous card declines. Subscription (recurring) billing merchants typically experience a high frequency of declined transactions.
Lime Light CRM has been a Verifi partner since 2009, offering its chargeback protection service, Cardholder Dispute Resolution Network™ (“CDRN”), to Lime Light clients. With this new Decline Salvage integration, Lime Light can immediately enable the service for any of Lime Light CRM’s thousands of customers to increase their revenue and boost customer retention.
“Our customers already benefit from using Verifi’s CDRN services and offering Decline Salvage as a standalone option to all of our customers was a natural extension of the partnership,” said Rick Del Rio, CEO and Founder of Lime Light CRM. “Our subscription billing clients stand to gain back a significant portion of lost revenue and keep customers active that they would have otherwise lost to card declines with this service. Now our thousands of merchants will be able to increase their long term profits and do away with any IT integration obstacles to quickly enable this benefit on our platform.”
Internal studies show that Verifi’s Decline Salvage clients gain up to 20 percent higher authorization rates on customers they were on the verge of losing due to erroneous transaction processing issues. Those retained customers produced an average of 150 percent more in revenue, just one year later.
“Losing valued customers and revenue due to voluntary cancellation is bad enough, but losing loyal customers who want to keep your product or service to unnecessary card declines is particularly painful and easily avoided”, said Matthew Katz, CEO at Verifi. “We are excited to grow our partnership with Lime Light CRM and open up our market for Decline Salvage through their existing platform and customer base. Creating simpler applications to deliver our services without added integration hurdles is a core focus for the company. The new standalone delivery option with Lime Light will help more CNP merchants who are impacted by card declines realize higher authorizations and customer retention.”
Mr. Katz also added, “The proof is in the results. Our pay for performance model for Decline Salvage is essentially a guaranteed ROI for our clients. We only get paid a nominal percentage on successfully recaptured billings, so there is no risk and only upside, for our customers’ bottom line.”
For more information about Verifi, visit: www.verifi.com. For more information about Lime Light CRM, visit: www.limelightcrm.com.
About Verifi
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help our clients effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings and keep loyal customers. Our best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 12,000 accounts globally. For more information, visit: www.verifi.com.
About Lime Light CRM
Created for marketers by marketers, Lime Light CRM is one of the leading providers of CRM, continuity base processing and campaign management solutions. They understand the unique needs of a direct response marketer and provide flexibility and transparency to increase your return on investment. For more information on Lime Light CRM, please visit: www.limelightcrm.com or call 1-800-455-9645.
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