With no integration required, Merchants of any size, working with any payment processor, can now utilize Verifi’s CDRN Merchant Portal to eliminate chargebacks.
Los Angeles, California – August 6, 2013 – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced the availability of their patented Cardholder Dispute Resolution Network (CDRN) service through a browser-based portal – eliminating any integration barriers. Initially launched in 2007, the CDRN service has been a huge success as an API based integrated offering, connecting merchants with issuers to eliminate chargebacks (as much as up to 40% of their customer disputes before they become chargebacks). The new CDRN Merchant Portal will allow merchants to subscribe and begin using the service the same day, eliminating all integration barriers, and drastically reducing the time and cost to enable.
The CDRN Merchant Portal is a browser-based solution that requires only a username and password to access critical dispute data directly from Issuing Banks. On a real-time basis, merchants receive notifications that a customer has contacted their issuer and initiated a dispute that might otherwise become a chargeback unless the merchant responds. The CDRN Merchant Portal provides the merchant with the option to either refund the transaction or allow the dispute to escalate to a chargeback. Verifi’s CDRN service empowers merchants to manage disputes in a more timely and cost effective manner – the new CDRN Merchant Portal is a convenient and effective method for Merchants to access this revolutionary service.
Verifi, through independent research, found that customers were contacting merchants directly only 14% of the time to resolve credit or debit card disputes for products they purchased and instead, customers were contacting their card Issuing Banks first 86% of the time! This meant that merchants had little opportunity to learn about and directly resolve these disputes with customers before they became chargebacks. This disconnect between merchants and their customers generates negative downstream effects for the issuer and the merchant, often in the form of bad customer experiences, lost revenue, unpaid and shipped merchandise, fees from their acquirer, potential fines from Visa and MasterCard, and could ultimately result in the loss of a merchant’s ability to accept credit and debit cards. CDRN is intuitive and innovative, bridging the gap between merchants and issuers and representing the future of customer satisfaction and dispute resolution.
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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