Enhanced chargeback revenue recovery service helps card-present and card-not-present merchants recover funds lost to chargebacks
Los Angeles, CA – May 19, 2014 – Verifi, Inc. a leading provider of global electronic payment and risk management solutions, recently expanded the capabilities of the Premier Chargeback Revenue Recovery Service, giving merchants more tools to recover funds lost to chargebacks. Verifi currently processes more than $11 billion in sales transactions and more than 1 million chargebacks each year.
Historically, merchants of all sizes have struggled to recover chargebacks due to lack of resources and expertise, changing processor rules, and burdensome PCI controls. In addition, consumers are finding it easier and easier to dispute legitimate charges. This type of consumer “shop-lifting” or “friendly fraud,” places an unfair cost burden on the merchant. It is estimated that chargebacks cost merchants between $40-$80 billion dollars per year. This figure includes the cost of goods lost to chargebacks, extra staff-time spent managing chargebacks as well as the actual funds lost to chargebacks. With so much money on the line, merchants have more incentive than ever to aggressively fight and recover chargebacks.
To help merchants, Verifi recently expanded the capabilities available in its Premier Chargeback Revenue Recovery Service. Most notably, a new “Fast-Trak” integration is now available that dramatically reduces IT involvement – giving merchants the ability to start recovering revenue quickly without tying up scarce IT resources. The service works directly with processors (and via direct bank integrations) to help merchants quickly recover funds lost to chargebacks. Additionally, the service is now omni-channel and covers both Card Not Present and Card-Present transactions across all major payment brands and now even PayPal.
“Our long history and sheer volume of transactions and chargeback experience provides unique insight across numerous industries, payment brands and helps us better understand the diverse requirements for representment across complex reason codes,” said Matthew Katz, Verifi’s founder and CEO. “Direct relationships with acquiring banks and processors combined with highly trained Chargeback Recovery Specialists mean we can handle ALL aspects of the dispute process; gathering all research, effectively positioning the case evidence for success and managing all the issuer communications through resolution. It’s one reason we have achieved win rates of over 50%.”
The Premier Chargeback Revenue Recovery Service includes in-depth analytics and reporting features that can also help identify operational problems and improve fraud and chargeback prevention measures.
More information about Verifi’s Premier Chargeback Revenue Recovery Service is available at www.verifi.com.
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 andkeep 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.
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