Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced that dispute volume within their Cardholder Dispute Resolution Network (CDRN) grew by more than 29% over the previous quarter, handling more than £34M in chargeback disputes.
Today, up to 86% of cardholders attempt to bypass the merchant and contact their issuing bank directly to dispute or question a charge on their bill. CDRN’s growing service footprint covers more than 50% of US transaction volume and is expanding globally to help merchants and issuers combat this significant problem. CDRN’s ongoing growth supports the heightened and industry-wide need to resolve consumer complaints collaboratively and preempt the painful chargebacks problem.
Verifi’s CDRN has enjoyed 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 and issuers to resolve disputed payments and dramatically minimise chargebacks and cardholder dissatisfaction. Providing merchants visibility into both 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.
“We continue to improve and expand our CDRN service and coverage footprint in accordance with the demands of our clients, the payments industry and forecasts by analysts,” said Matthew Katz, CEO of Verifi. “We remain committed to continual innovation to ensure that Verifi customers stand at the forefront of a rapidly challenging and evolving payments industry.”
CDRN has been recognised as the Best Chargeback Management Program for the last five consecutive years by the Card Not Present Expo, and as Best Chargeback Prevention Service by TopCreditCardProcessors.com.
In response to the company’s growth and demand for services, Verifi commenced operations in the UK in mid-2016 and has broadened their investments in facilities and key personnel beyond the UK. The company’s most recent expansion is underway in Australia and New Zealand with further expansion to other markets including APAC, France, and Germany expected later this year.
The company experienced rapid adoption after commencing operation in the UK and currently supports hundreds of merchants and recognised global brands in diverse industries ranging from digital music, information technology, entertainment, as well as top High Street and UK e-commerce clients. Verifi is on track to cover the majority of the UK market by year’s end.
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, colour, 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 be incurred through the representment process. If the customer does contact their bank, call centre representatives can access the enhanced order details to address the customer’s concerns, help validate the sale, and provide prompt resolution and a better customer experience. Additionally, by providing the right information to the right parties at the right time, 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.