Protects more than $333 billion in debit card transactions for CNP merchants
LOS ANGELES, CA–(March 24, 2015) – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, announced further expansion and enhancement of its Cardholder Dispute Resolution Network™ (CDRN). Specifically, chargeback protection for debit cards increased by more than 50 percent, covering more than $333 billion in debit card transactions; and fraud coverage increased by more than 14 percent.
This expansion solidifies CDRN as the industry’s leading, collaborative eco-system – connecting issuers with merchants – and providing a seamless platform for resolving chargebacks for both fraud and non-fraud reason codes. Issuers benefit by resolving disputes quickly, improving the customer experience and reducing operational costs. Helping merchants prevent up to 40 percent or more disputes before they become chargebacks, CDRN provides unmatched accuracy in combating the $40 billion chargeback problem.
“Connecting more card-not-present merchants with more issuers is part of our ongoing commitment to innovation. That’s why our network of merchants and issuers is growing every month,” said Matthew Katz, CEO of Verifi, Inc. “The rapid growth of the CDRN network illustrates our commitment to building a robust, global ecosystem where both issuers and merchants can collaborate and resolve disputes before they become chargebacks with unparalleled accuracy.”
With a zero defect guarantee on alerts, Katz also notes that “CDRN’s patented, closed-loop platform avoids false positives, which can increase chargeback costs to merchants and result in unnecessary over refunding that hurts the bottom line.”
Available as a fully managed service or via its self-service merchant portal, CDRN covers hundreds of thousands of chargebacks every month for businesses of all sizes – from emerging companies to some of the largest Fortune 500 brands. With easy set up requiring little to no IT involvement, CDRN adoption continues to grow significantly year over year.
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.
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