Demand for Verifi’s Award-Winning CDRN Rise as Ecommerce Grows
LOS ANGELES, CA – May 18, 2016 –Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced a 113% increase in client accounts for their patented Cardholder Resolution Dispute Network (CDRN). The Company announced an additional 56% increase in channel partners promoting the service.
Verifi’s patented CDRN platform handles hundreds of thousands of cardholder disputes each month and dispute case volume grew by more than 52% in conjunction with the increases in product adoption and rising market risks. The 113% increase reflected a heightened demand for Verifi’s CDRN and a broader demand for a comprehensive platform that directly connects merchants and issuing banks to resolve consumer complaints collaboratively and without escalating to chargebacks. According to the U.S. Department of Commerce, ecommerce sales accounted for more than half of total retail sales growth, totaling $341.7 billion in 2015 (a 14.6% increase from 2014 of $298.3 billion).
“Our growth is a direct reflection of our commitment toward constant service improvement and strategic expansion,” said Matthew Katz, founder and CEO of Verifi. “Our team’s ability to anticipate and address oncoming challenges enables Verifi to provide the highest quality service while delivering true protection for merchants and issuers alike around the world.”
Verifi’s global expansion included recent appointments of key executives to further develop and execute the company’s international expansion in the UK, EU and EMEA regions.
Verifi’s CDRN has enjoyed year-over-year growth since its launch in 2007. CDRN’s unique and patented, closed loop process directly integrates with top issuers and provides unmatched service quality and accuracy for merchants and issuers to resolve disputed payments and dramatically minimize chargebacks and cardholder dissatisfaction. Providing merchants visibility into fraud and non-fraud customer disputes in near real time, CDRN’s closed loop process affords the highest level of true chargeback protection while avoiding false positives that result in lost sales, increased manual review time and decreased profits.
Verifi has remained actively committed toward the constant improvement and expansion of their services to deliver greater operational efficiencies to the cardholder dispute and resolution process. This commitment has produced wide scale adoption of their CDRN. In an earlier announcement, CDRN recently experienced a 117% increase in fraud dispute issuer participation along with a 50% increase in issuers supporting non-fraud disputes. The Company also indicated that they are in the latter stages of developing substantial advancements to their award-winning chargebacks services solutions that will offer an even greater level of dispute resolution between merchant, issuer and consumers alike.
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help merchants 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.
# # #