Chargeback Management Solution
Once again, Los Angeles-based Verifi is the winner of the Customer Choice award in the Best Chargeback Management Program category. With its patented Cardholder Dispute Resolution Network (CDRN) technology and extensive Verifi member bank network, the company says it fights chargebacks with unmatched effectiveness.
Part of what makes the CDRN such an effective solution is its patented technology, which integrates with Verifi’s extensive member bank network. The company says it also provides near-real-time notifications that help to alert merchants of chargebacks before goods and services are delivered or before a recurring payment is processed. Additionally, Verifi manages the chargeback process from beginning to end—from the moment the bank determination is made, through merchant notification, all the way to informing the issuing bank of a chargeback resolution. The result, the company says, is an up-to-30 percent annual reduction in chargebacks for merchants.
Adding to the success of the company’s program is its CDRN Merchant Portal, introduced in 2013. Recognizing that some merchants were unable to integrate with Verifi directly due to IT priorities and operational costs, Verifi designed the portal—which allows merchants direct access online with no integration—to make its chargeback management program available to everyone.
On the other hand, merchants who fully integrate with Verifi get the added bonus of a full-service chargeback management program, run by Verifi’s team of experts.
Since the CDRN Merchant Portal was introduced in August 2013, it has prevented more than 51,000 chargebacks for merchants.