Best Chargeback Management Solution
For the fourth time since the CNP Awards’ inception in 2012, Verifi is a winner. This year, the Los Angeles-based company was honored by a panel of judges as the recipient of the Best Chargeback Management Program.
Chargebacks are on the rise globally. According to Aite Group, card-not-present fraud will balloon to $6.3 billion by 2018. The recent EMV liability shift, security upgrades like 3D Secure and changes to compelling evidence have all contributed to the perfect payments storm, the company says. As the payment landscape continues to change, Verifi is focused on continually innovating and improving its solutions to outpace and successfully address the growing fraud and chargeback problem.
Verifi’s Total Chargeback Management Services includes the patented Cardholder Dispute Resolution Network™ (CDRN) and Premier Chargeback Representment Services (CBR) to both prevent all types of chargebacks and recover profits unnecessarily lost to chargebacks.
Introduced in 2007, Verifi’s patented and proprietary CDRN is designed to help merchants escape the significant risks, lost profits, added costs and resource drain associated with chargeback disputes. Through a collaborative issuer and merchant network platform built by Verifi, the company says CDRN resolves cardholder disputes more efficiently and before they become costly chargebacks for merchants and issuers alike, according to the company.
Verifi says its Premier Chargeback Representment Services (CBR) helps merchants quickly recover funds lost to unwarranted chargebacks. CBR services provide merchants with a team of expert chargeback analysts that quickly identify which disputes are worth fighting and collect proper evidence across a wide range of reason codes. CBR is intended to help merchants boost win rates, save time and resources, and reclaim lost profits.
According to Verifi, 58 percent of its clients were able to lower their chargebacks by 20 percent or more, with the majority doing so in 30 days or less. And 67 percent of its clients indicated the CBR solution reduced time and expense of fighting chargebacks in house, the company states.