Rapid Expansion in the UK Illustrates the Urgent Need for Company’s Chargeback Mitigation Solutions
Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced that their recently-launched operations in the UK have exhibited significant growth. Within the first quarter of launching in the UK, the Company has already rapidly increased their service footprint among its issuing bank partners as their award-winning Cardholder Dispute Resolution Network (CDRN) is adopted beyond their US base.
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 percent increase from the same period 2015.
Verifi commenced operations in the UK in mid-2016 and currently supports hundreds of merchants and recognized global brands in diverse industries ranging from digital music, information technology, entertainment as well as top High Street and UK ecommerce 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.
“The demand for CDRN in the UK has exceeded even our own expectations,” said Matthew Katz, CEO of Verifi. “We have shown great success in a short period of time and expect to extend our UK network coverage for CDRN to 70% by the end of 2017. We are also actively pursuing the overall EMEA region as a whole as the year progresses.”
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. 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.
CDRN supports more than 25,000 merchant accounts and has prevented over 3.4 million fraud and non-fraud chargebacks. Additionally, CDRN has been recognized as the Best Chargeback Management Solution the last four consecutive years in addition to Best Chargeback Prevention Service.
Verifi’s CDRN handles hundreds of thousands of cardholder disputes each month with a 90+% resolution rate for both fraud and non-fraud cases. Cardholder disputes are resolved promptly through CDRN’s patented, “closed loop” network with 72% percent of disputes addressed within 24 hours and 50% percent of disputes within 16 hours. Issuing banks and merchants easily integrate with CDRN to create a seamless platform where both parties can collaborate and resolve fraud and non-fraud disputes in near real time before they become chargebacks.
As part of Verifi’s ongoing commitment toward continual improvement to help issuing banks and merchants mitigate chargebacks with unmatched success, they are in the process of expanding their award-winning dispute prevention and risk management services to further improve the payments ecosystem for cardholders, merchants and issuers alike. As part of their innovation plan, a new service will enable the sharing of order details in real-time between merchants and issuers to resolve billing confusion, reduce friendly fraud and help validate true fraud. By providing a deeper level of data, cardholders can better recall or understand their purchases and avoid filing false cases of fraud or looking to “game the system” that result in unnecessary chargebacks, lost sales and profits along with higher operational costs and unhappy customers.
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 serve more than 25,000 merchant accounts globally. For more information, visit: www.verifi.com.