Verifi Rolls Out Order Insight to Eliminate Chargebacks & Increase Profits
(Thomson Reuters ONE) -
Revolutionary Service Enables Real Time Data Sharing; Cardholder, Merchant &
Issuer Collaboration
LOS ANGELES, April 19, 2017 (GLOBE NEWSWIRE) -- Verifi, Inc., a leading provider
of payment and risk management solutions for card-not-present (CNP) merchants,
today announced the formal launch of Order Insight, an advanced collaboration
platform that dramatically improves efficiency across all parties in the
payments ecosystem. Enabling robust order details to be shared in real time
between cardholders, merchants and issuers, Order Insights enables issuing banks
and cardholders to determine the legitimacy of a sale at the time a billing
inquiry or dispute arises, thereby reducing fraudulent claims and unnecessary
chargebacks as well as avoiding loss of sales and profits.
Today's Dispute Process Creates Significant, Shared Challenges
Today, up to 86% of cardholders bypass the merchant and contact their issuing
bank directly to dispute or question a charge on their bill. Disputes can often
occur for a variety of reasons ranging from the cardholder simply being confused
over unclear or incomplete billing descriptors to legitimate instances of
criminal fraud. Many however, have become accustomed to using the dispute
process as a refunding tool resulting from buyer's remorse or those seeking to
"game the system" through first party or "friendly fraud." According to industry
research firm, Aite Group, 60 to 70% of chargebacks are the result of first
party or "friendly fraud."
Lacking the information or purchase details needed to legitimize a sale, the
most common option for the issuing bank is to credit the cardholder and issue a
chargeback. Merchants lose valid sales and profits to significant and
unnecessary chargeback fees and drained resources. In the worst cases, the
cardholder abandons the brand altogether while issuers are challenged to provide
the best customer experience. Issuers incur added operational and representment
costs as merchants dispute valid sales lost to unwarranted chargebacks.
Customers ultimately see the result of all of this in higher prices. It's a
multi-billion-dollar global problem that affects everyone.
Order Insight - The Right Information for the Right Parties at The Right Time
Integrated with top issuers, Order Insight's patent pending platform provides
robust transaction details including the merchant's name and contact
information, date of purchase, name of device used in the order process and item
or service descriptions (size, color, style). Order Insights can integrate this
data directly into the issuing bank's online or mobile applications. In most
cases having access to this data can resolve a questionable charge and avoid a
phone call to the issuer, saving the sale as well as wasted time, resources and
costs for all parties that would occur through the dispute representment
process.
When a cardholder elects to call the issuing bank, Order Insights equips the
bank's call center representatives with the compelling evidence they need to
identify true instances of fraud, flag unethical cardholders looking to game the
system or resolve the confusion created by vague billing descriptors before the
matter escalates into costly chargebacks and resulting losses.
For those disputes that are not addressed upfront, Order Insight facilitates the
efficient resolution of the dispute between the merchant and the issuer to stop
it from escalating to an expensive chargeback.
"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," said Matthew Katz, CEO of Verifi. As payments continue to change and
expand, we remain committed to being a disruptive market leader driving real
innovation for the broader industry. Our award-winning, Cardholder Dispute
Resolution Network ("CDRN") was created to and continues to help merchants and
issuers promptly resolve true cardholder initiated disputes at their origin,
stopping them from becoming chargebacks and incurring all the added costs and
pain that goes along with them."
"Order Insight is the next phase of our services evolution where all parties are
connected to work together for mutual benefit. Merchants retain their
legitimate, hard-earned sales upfront while avoiding profits lost to chargebacks
and resource drain on the back end. Issuers provide a better customer experience
for their cardholders, help lower instances of "friendly fraud" and reduce
operational expenses by focusing on true fraud risks. Cardholders gain better
information and clarity into their purchase details and avoid frustrating back-
and-forth to obtain recourse for a sale they may have legitimately made."
"We saw great initial results and received some important learning to enhance
our offering in our product pilot. Our clients retained over 25% of their at-
risk sales upfront and resolved the remainder of their disputes efficiently
without getting hit with the added expenses associated with them becoming a
chargeback. It's important to note that this test experience generally exceeds
the success rate most merchants achieve in going through the time and costs to
dispute a chargeback through the representment process. We are excited to roll
out Order Insight to the market and fully expect these results to improve as we
expand our network footprint globally."
About Verifi
Verifi, an award-winning provider of end-to-end payment protection and
management solutions, founded in 2005 to help merchants effectively manage the
payments challenges they face every day. Verifi's Cardholder Dispute Resolution
Network supports over 14,000 accounts globally and prevents hundreds of
thousands of fraud and non-fraud chargebacks each month. Verifi's full suite of
services helps merchants safely process payments, combat
fraud, prevent and resolve costly chargebacks, as well as increase billings
and keep loyal customers. Our best-in-breed solutions and white glove support
are trusted by a wide range of industries from emerging companies to the Fortune
500. Headquartered in Los Angeles, California, we serve more than 25,000
merchant accounts globally. For more information, visit: www.verifi.com.
Contact: Kevin Mercuri
kevin(at)propheta.com
212-901-6914
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verifi, Inc. via GlobeNewswire
Datum: 19.04.2017 - 17:44 Uhr
Sprache: Deutsch
News-ID 537116
Anzahl Zeichen: 7333
contact information:
Town:
Los Angeles, CA
Kategorie:
Business News
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