Immediate Efficiency Improvement and Reduction In Chargebacks Realized
Los Angeles, CA – June 7, 2017 – Verifi, a leading provider of payment and risk management solutions for card-not-present (CNP) merchants, today announced that payments processor MegaCharge has partnered with Verifi to combat fraud and mitigate chargebacks for its customer base.
MegaCharge will look to bolster their merchant relationships by implementing Verifi’s, award-winning, Cardholder Dispute Resolution Network (CDRN). CDRN’s patented “closed loop” process directly integrates with issuing banks and provides unmatched service quality and accuracy for merchants and issuers to resolve disputed payments and dramatically minimize chargebacks and cardholder dissatisfaction.
“We looked to Verifi as a leader in the industry and a means of differentiating ourselves within the marketplace,” said Michelle Molloy, CEO for MegaCharge. “Verifi’s proven CDRN platform enables us to add value to our current gateway services by responding to merchant demands to reduce chargebacks and mitigate fraud in near real-time. We began yielding results shortly after implementation, enabling us to provide improved and immediate benefits to our merchant clients. CDRN enables us to identify true fraud and non-fraud chargebacks risks and reduce expenses caused by relying on dated sources like TC40 data or other chargeback mitigation solutions that don’t provide CDRN’s quality and accuracy.”
Cardholder disputes represent a significant share of credit card fraud throughout the world. According to Financial Fraud Action UK, fraud losses on UK-issued credit cards totaled £321.5 million in the first half of 2016, representing a 31% increase from the same period 2015.
Directly integrated with the top issuing banks, CDRN provides merchants with near real-time notification of true chargeback risks for both fraud and non-fraud customer disputes. The “closed loop” pauses the chargeback process for up to 72 hours to allow merchants the ability to review and resolve customer disputes to their satisfaction before resulting in a costly chargeback, while avoiding false positives that result in lost sales, increased manual review time and decreased profits. CDRN supports more than 15,000 merchant accounts and prevents over 200,000 chargebacks each month.
Additionally, CDRN has been recognized as the Best Chargeback Management Solution for the last five consecutive years by the Card Not Present Expo and as Best Chargeback Prevention Service by TopCreditCardProcessors.com.
“We are thankful to establish a great partnership with MegaCharge in furthering our UK market expansion,” said Matthew Katz, CEO of Verifi. “The demand for CDRN in the UK exceeded our expectations and we are confident that our deployment with MegaCharge will help a great payments provider create even more value for their customers. We expect to extend our UK network coverage for CDRN to 70% by the end of 2017 while actively pursuing the overall EMEA region as a whole as the year progresses.”
Based in Los Angeles, California, Verifi established a London office and commenced operations in the UK in mid-2016. The company currently supports hundreds of merchants and recognized global brands in diverse industries ranging from digital music, information technology and entertainment as well as top High Street and UK e-commerce clients. In response to the Company’s rapid expansion and demand for services, Verifi has broadened their investments in facilities and key personnel to expand its UK-based chargeback network coverage.
As part of its ongoing innovation, Verifi 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 can usually 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 have been 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 customers concerns about the charge and provide a better resolution and customer experience.
By providing a deeper level of data, Order Insights enables cardholders to better recall or understand their purchases and avoid inaccurately filing cases of fraud, or efforts to “game the system” by denying legitimate charges to their statement.
MegaCharge is an early-stage payments company focused entirely on payment processing. With its own gateway software, fraud filters, management systems, and PCI Level 1 security, MegaCharge delivers the best business solution for maintaining an online business with constant control of your cash flow. www.megacharge.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’s Cardholder Dispute Resolution Network supports over 15,000 accounts globally and prevents hundreds of thousands of fraud and non-fraud chargebacks each month. Verifi’s full suite of services helps merchants safely process payments with our payment gateway solutions, credit card fraud protection, prevent chargebacks and provide revenue recovery, as well as increase billings and reduce involuntary churn. 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. For more information, visit: www.verifi.com.