Verifi Expands its Suite of Award-Winning Chargeback Solutions to the APAC Market with Key Hire; Extending their Global Reach
LOS ANGELES, CA (June 14, 2017) – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced that they have added Andrew Reszka to their growing international team.
Based in Melbourne, Verifi will look to Andrew to oversee their expanding Asia Pacific operation and introduce the Company’s end-to-end chargeback prevention and mitigation services to the Australian market. These services include the Company’s award-winning flagship, Cardholder Dispute Resolution Network (CDRN), Premier Chargeback Revenue Recovery and Representment, and their most recently launched service, Order Insight. This suite of services enables all parties within the card payments ecosystem to collaborate in real or near real-time to alleviate the financial and resource burdens that unwarranted disputes and chargebacks create.
Andrew is a seasoned payment and financial services professional with more than 15 years of experience in shaping and growing businesses by driving new products and new market development. He is recognized as an expert in developing and implementing core initiatives that drive revenue and deliver growth while sustaining a high-performance culture.
“We are excited to have an associate with Andrew’s vast payments experience join our team to drive our expansion into the Australia/New Zealand and the Asia Pacific region,” said Matthew Katz, founder and CEO of Verifi. “Andrew’s considerable experience and acumen will be vital in extending our proven end-to-end fraud and chargeback solutions to this new market. Our global clients conducting business in these markets have expressed a greater need and urgency to protect their payments and sales from fraud and chargebacks to maximize their long-term profits, and we are aggressively investing to support these needs.”
Prior to joining Verifi, Andrew served as commercial director for payment solution leader WEX Australia and regional manager, B2B acquisition at American Express. He also served as general manager, commercial for the Australian Grand Prix Corporation.
According to the Australian Payments Clearing Association, Australians spent $1.92 trillion using their credit cards and cheques in 2015, yet more than $469 million worth of transactions were deemed fraudulent. Verifi provides a full suite of chargeback mitigation services that are designed to protect merchant and issuing banks alike from the expense and burdens of unwarranted fraud and non-fraud related card disputes and chargebacks. Today, up to 86% of cardholders bypass the merchant and contact their issuing bank directly to dispute or question a charge on their bill. Disputes often occur for a variety of reasons, ranging from the cardholder simply being confused over unclear or incomplete billing descriptors to legitimate instances of criminal fraud. Many, however, have become accustomed to using the dispute process as a refunding tool resulting from buyer’s remorse, or those seeking to manipulate the system through first-party or “friendly” fraud. According to industry research firm Aite Group, up to 75% of chargebacks are the result of first-party or “friendly” fraud.
Verifi’s Cardholder Dispute Resolution Network (CDRN) has been recognized as the Best Chargeback Management Solution for the last five consecutive years by the Card Not Present Expo. In addition, it has been cited as Best Chargeback Prevention Service by TopCreditCardProcessors.com. CDRN services and prevents hundreds of thousands of chargeback cases monthly to provide real protection from costly fees, fines or penalties, and cardholder dissatisfaction which affect merchants and issuers alike. With 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. By providing merchants with 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.
Additionally, Verifi’s Premier Chargeback Revenue Recovery and Representment solution provides merchants with white glove support and expertise to reclaim profits lost to unwarranted chargebacks. The service provides in-depth analytics and reporting features that enable merchants to recover revenues lost to chargebacks quickly and with minimal impact on IT resources, while helping to identify operational problems and improve chargeback prevention measures. The cost of training, maintaining, and staffing to address these challenges can be significant. According to Javelin Research, fraud and chargeback management consume up to 20% of a merchant’s operational budget. With over a decade of expertise, Verifi’s Premier Chargeback Revenue Recovery and Representment solution and specialists address this challenge by streamlining operations, determining which cases are worth pursuing, and preparing all the documentation to maximize win rates and profits.
Verifi also recently rolled out Order Insight, a revolutionary new chargeback and fraud mitigation service that enables the sharing of robust transaction details––such as merchant’s name and contact information, date of purchase, name of device used in the order process, and item or service descriptions (size, color, style)––between cardholders, merchants, and issuers when a dispute arises. By provisioning this data directly into the issuing bank’s online or mobile applications, a questionable charge usually can be resolved directly with the customer. This avoids a phone call to the issuer, saving the sale as well as wasted time, resources, and costs for all parties that would be incurred through the dispute representment process. Additionally, if the customer does contact their bank, the call center representatives can access the enhanced order details to address the customer’s concerns about the charge and provide a better resolution and customer experience.
By providing a deeper level of data, Order Insight enables cardholders to better recall or understand their purchases and avoid filing false cases of fraud or efforts to manipulate the system by denying legitimate charges to their statement.
Verifi is an award-winning provider of end-to-end payment protection and management solutions, founded in 2005 to help merchants effectively manage the payments challenges they face every day. Verifi’s Cardholder Dispute Resolution Network supports over 15,000 accounts globally, preventing each month hundreds of thousands of fraud and non-fraud chargebacks. Verifi’s full suite of services helps merchants safely process payments, featuring our payment gateway solutions, services to increase billings and keep loyal customers, credit card fraud protection, prevention of chargebacks and resolving costly chargebacks, and facilitating the sharing of transaction details. 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 serve more than 25,000 merchant accounts globally. For more information, visit: www.verifi.com.