Solidifies Global Innovation Leadership in End-to-End Payment Solutions
LOS ANGELES, CA; June 8, 2017 –Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced that their end-to-end chargeback management platform has been named the “Best Chargeback Management Program – Judges Choice” at the 2017 Card Not Present Expo show in Orlando, Florida.
This is the fifth year in a row that Verifi earned recognition from CNP for its unmatched suite of chargeback management and prevention services and accompanies another year of continued growth and global expansion for Verifi.
“It is truly gratifying to receive ongoing recognition by not only our clients but esteemed professionals in the payments industry at-large as well,” said Matthew Katz, CEO of Verifi. “Globally, chargebacks continue to grow and represent a significant challenge. Continual innovation and refinements are essential in effectively combating this problem. We remain committed to improving our end-to-end fraud and chargeback prevention and management services to improve the broader payment eco-sysyem for merchants, issuing banks, and cardholders alike.”
End-To-End Chargeback Mitigation Solutions
Verifi’s Cardholder Dispute Resolution Network (CDRN) prevents hundreds of thousands of chargeback cases every month, providing 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, providing unmatched service quality and accuracy for merchants in collaboration with 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 provides the highest level of true chargeback protection, while avoiding false positives that result in lost sales, increased manual review time, and decreased profits. CDRN covers approximately 50% of the US market and boasts a 90% resolution rate.
Additionally, Verifi’s Premier Chargeback Revenue Recovery and Representment service helps merchants maximize chargeback win rates, lower operational expenses, and reclaim lost profits to unwarranted chargebacks. In addition, merchants receive over a decade of domain expertise, in-depth analytics, and fraudulent activity reporting to improve their billings operations. In 2016, the service recovered more than $14 million in previously lost revenue for merchants with a net win rate that was nearly twice the industry average.
Recently, Verifi developed and launched 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 optimally can be resolved directly with the customer. This avoids a 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, should a customer contact their bank, the call center representatives are armed with the same purchase details to provide a better customer experience. This way, bank personnel can validate the sale and avoid filing a false fraud case and limit efforts by the customer to “game the system” by denying legitimate charges.
“As e-commerce and mobile payments continue to grow, retailers have a growing array of companies—new and old—bringing new technologies to bear to meet the challenges of accepting card-not-present transactions,” said D.J. Murphy, Editor-in-Chief and Co-founder of CardNotPresent.com and the CNP Expo. “That range of potential partners is reflected in this year’s CNP Awards. The CNP Awards have become the standard by which companies, programs and services around the world are being recognized for excellence now and in the future.”
Based in Los Angeles, California, Verifi established a London office and commenced operations in the UK in mid-2016. The company experienced rapid adoption and 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. Verifi is on track to cover 70% of the UK market by year’s end.
In response to the Company’s rapid expansion and demand for services, Verifi has broadened their coverage beyond the UK into new markets, including Australia, New Zealand, APAC, France, Germany and others in 2017 and beyond.
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.