Best Chargeback Management Solution
Chargebacks continue to be a major concern of the CNP community and are a leading indicator of fraud. Verifi, which enables merchants to benefit from information received by card issuers to resolve disputes before they become chargebacks, is one of the most decorated companies in the history of the CNP Awards.
The industry veteran founded in 2005 and acquired by Visa in 2019, is back as Judges Choice winner in the Best Chargeback Management Solution category. It is Verifi’s seventh CNP Award since 2013. The Los Angeles-based company returns to the ranks of CNP Award honorees with Rapid Dispute Resolution (RDR)—a product it launched in December 2020.
RDR was designed to counter the lengthy chargeback process that can take a merchant weeks to deal with, by resolving at the pre-dispute stage. A pre-dispute occurs before a chargeback is filed. It is initiated when a cardholder challenges a transaction, with the intent to dispute its legitimacy.
Routine tasks normally associated with dispute management, including manually reviewing disputes and crediting customers, are eliminated. Sellers select parameters to determine whether to automatically credit a dispute or not. Then, the solution uses automation technology to respond in real time with a resolution, or decision to initiate the traditional dispute process. Issuing banks submitting disputes on behalf of their cardholders no longer have to wait 30+ days for resolution. RDR can reduce that time to one second.
RDR is fully integrated into Visa’s dispute management platform, Visa Resolve Online (VROL), giving all Visa issuers access to participating sellers. In April of 2021, RDR was activated for the majority of Visa issuers, and in October all issuers globally will be using the solution, extending the RDR reach on a global scale. Full integration into Visa’s network allows issuers to continue with their normal dispute submission workflow uninterrupted. When an RDR-participating issuer submits a pre-dispute for a transaction with an RDR-participating seller, RDR reroutes the pre-dispute for automatic resolution if the parameters are met. A funds transfer is then initiated by Visa to credit the cardholder, a process that was manual before RDR.