Verifi was recently interviewed for an article about some of the key and emerging trends in payment processing and related “hot topics.”
Our Chief Marketing & Strategy Officer, Frank Stornello and Chief Product Officer, Jeff Sawitke, discussed chargeback prevention, fraud detection, protection of consumer data, and PCI compliance.
On chargebacks, both Stornello and Sawitke offered key pieces of advice:
“Simple steps like using clear billing descriptors that include website addresses, for example, can go a long way in helping to keep chargebacks to a minimum. “Over-communicating in order to create awareness,” says Sawitke, “is a prudent move in today’s environment.”
“Recent statistics revealed a 40:1 ratio in terms of losing legitimate customers to overly rigid front-end controls,” Stornello explains.
“Chargeback alerts are one way to move that to the post-sale side in order to avoid throwing the baby out with the bathwater on the front end.”
As e-commerce continues to evolve around emerging threats, merchants must take care to protect their payments without going overboard and turning away legitimate sales.
Stornello suggests the use of post-sale tools like chargeback alerts, which allow businesses to dial back some of the overly-rigid front-end fraud controls and boost conversion.
The article also discusses emerging and alternative payments like Bitcoin and Google Wallet, the increased focus on consumer security and data protection and the importance of choosing the right payment processing partner.
To read the full article, “Key Trends in Payment Processing,” click here.
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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