Award Reinforces Verifi’s Total Chargeback Management System as Industry Leading Solution for Chargeback Prevention, Dispute Management and Representment
LOS ANGELES, CA–(May 28, 2015) – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, received the CNP Award for Best Chargeback Management Solution for the third consecutive year. This achievement, as voted by a panel of esteemed payments experts, validates Verifi’s Total Chargeback Management System as the industry’s top proprietary end-to-end fraud and chargeback, risk management solution – helping merchants prevent disputes before they happen and recover profits unnecessarily lost to chargebacks. The award was presented at the CNP Expo 2015 in Orlando.
Verifi’s global issuer/merchant network has grown quickly and now represents the “who’s who” of the payments industry with more than 8,900 merchant accounts that process millions of transactions for emerging companies and some of the world’s leading brands.
The Best Chargeback Management Award follows Verifi’s other recent and major growth milestones. According to Matthew Katz, Verifi’s CEO and founder, “Verifi experienced unprecedented new merchant adoption and our distribution partner network grew by more than 200 percent in 2014. Our issuer network nearly doubled during the same period, resulting in increased support for U.S. card purchase volume of $247 billion (fraud) and $137 billion (non-fraud) covered by our chargeback prevention services.”
Since its inception nearly 10 years ago, Verifi has been the leader in chargeback, risk mitigation and dispute management. Its Total Chargeback Management System includes the patented Cardholder Dispute Resolution Network (CDRN™) to stop chargebacks before they happen and the Chargeback Representment and Revenue Recovery Service (CBR) to represent and dispute fraudulent chargebacks and recover profits which would otherwise have been lost. Combined as an end-to-end system, these solutions significantly reduce risk for merchants by stopping up to 40 percent of chargebacks, while lowering operating expenses and improving profitability with win rates nearly two times the industry average.
“We’re proud to receive the CNP Award for Best Chargeback Management Solution three years in a row. It’s certainly humbling and further validates how our clients and payments professionals understand and value of a holistic approach in combating the growing and painful chargeback problem,” said Katz. “By combining chargeback prevention, dispute management and representment, merchants and issuers benefit from a complete end-to-end solution that delivers superior results.”
With over 90 participating submissions for this year’s CNP awards, some of the key reasons attributed to Verifi for Best Chargeback Management Award included:
- Holistic and proprietary solution: Total Chargeback Management protection that utilizes an in-house, proprietary and patented technology and support to stop both fraud and non-fraud chargebacks from occurring and that reclaim unwarranted chargeback losses.
- Rapid alerts from issuers: The speed of which chargebacks are reported through CDRN means merchants reduce losses in goods shipped or provisioning of services and second chargebacks.
- Zero defect guarantee: CDRN’s patented, closed-loop platform avoids false positives, which can increase chargeback costs to merchants and result in unnecessary over refunding, both of which hurts the bottom line.
- Omni-channel support: CBR offers complete omni-channel support, enabling chargeback dispute management and recovery for both card-present and card-not-present channels.
- Simple Set Up and Implementation: The CBR’s Fast-Trak option and CDRN Portal eliminates IT hassles and the need for integration and allows merchants to quickly boost revenues by transferring the burden to Verifi’s Total Chargeback Management System. Merchants optimize capital with zero guesswork about refunding transactions and reduce time and operational costs on processing chargebacks that can’t be avoided.
- Flexible and agile delivery options: Either service (CDRN or CBR) is available standalone or as a completely managed service with white-glove support from a team of chargeback management professionals.
“As e-commerce and mobile payments continue to grow, retailers are reaching beyond their borders to find new markets more often,” said Steve Casco, CEO of CardNotPresent.com. “That evolution is reflected in this year’s CNP Awards, which had a record number of nominations, a record number of votes for Customer Choice nominees and winners from around the globe. The CNP Awards have become the standard by which companies, programs and services around the world are being recognized and judged now and in the future.”
For more information about Verifi, visit: www.verifi.com.
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.
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