Best Chargeback Management Solution
For the fifth 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 the Nilson report, estimated losses to CNP fraud will reach a staggering $16 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 products are designed to provide protection on various levels. Its Order Insight, which launched in 2016, is a patent-pending platform that addresses major inefficiencies in the chargeback dispute process. The solution empowers issuer personnel with unique cardholder transaction details in real-time, while the cardholder is in the process of filing a dispute.
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 Chargeback Representment Services maximizes chargeback win rate, lowers operational expenses and reclaims lost profits from unwarranted chargebacks for an immediate ROI, according to Verifi. Integrated with over 60 processors/acquirers, Verifi’s global specialists leverage the company’s proprietary workflow platform to manage the entire chargeback representment process: complex reason codes, research, case positioning and issuer communications.
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.