Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced that they have been shortlisted for the Most Innovative Online Solution at the Retail Risk Fraud Awards.
A panel of judges hailing from the USA, Australia, Dubai and Europe designated Verifi's chargeback mitigation platform, Cardholder Dispute Resolution Network (CDRN), as a finalist based on Verifi's innovative approach toward reducing chargebacks and fraud. Winners will be announced at the Fraud Awards Gala Dinner on 5th October at Leicester City Football Club.
Verifi's CDRN has been recognised within the North American market as the Best Chargeback Management Solution for the last five consecutive years by the Card Not Present Expo. In addition, Verifi's CDRN has been cited as Best Chargeback Prevention Service by TopCreditCardProcessors.com. Recognition by the Retail Risk Fraud Awards adds to Verifi's numerous accolades and further asserts their position as globally acknowledged experts in payment protection and risk mitigation solutions.
"Our entry into the UK and EMEA markets are based on the urgent need for a chargeback mitigation platform that enables merchants and issuing banks to efficiently resolve true cardholder-initiated disputes at their origin, stopping them from becoming chargebacks and incurring all of the added costs and pain that goes along with them," said Matthew Katz, CEO of Verifi. "Fraud and chargebacks continue to be a major issue for merchants and will continue to grow as shoppers migrate more of their shopping to online and mobile commerce."
Verifi's 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 issuing banks alike. With year-over-year growth since its launch in 2007, Verifi's unique and patented CDRN "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 minimise fraud and non-fraud related chargebacks and cardholder dissatisfaction. Verifi's CDRN covers approximately 50% of the US market and has resolved 90% of fraud and non-fraud related disputes before they turn into costly chargebacks for merchants and issuers alike.
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.
In response to the Company's rapid expansion and demand for services, Verifi recently extended their award-winning chargeback solutions to the UK, Australia and New Zealand, with plans for further expansion to other markets including France and Germany later this year and numerous key markets on 2018.
Verifi provides a full and unmatched suite of end-to-end chargeback mitigation services that are designed to protect merchants and issuing banks alike from the expense and burdens of unwarranted fraud and non-fraud related card disputes and chargebacks.