Verifi & MegaCharge Forge Strategic Partnership to Combat Global Chargeback Challenges
(Thomson Reuters ONE) -
Immediate Efficiency Improvement and Reduction In Chargebacks Realised
LONDON, June 07, 2017 (GLOBE NEWSWIRE) -- Verifi, a leading provider of payment
and risk management solutions for card-not-present (CNP) merchants, today
announced that payments processor, MegaCharge has partnered with Verifi to
combat fraud and mitigate chargebacks for its customer base.
MegaCharge will look to bolster their merchant relationships by implementing
Verifi's, award-winning, Cardholder Dispute Resolution Network (CDRN). CDRN's
patented, "closed loop" process directly integrates with issuing banks and
provides unmatched service quality and accuracy for merchants and issuers to
resolve disputed payments and dramatically minimise chargebacks and cardholder
dissatisfaction.
"We looked to Verifi as a leader in the industry and means of differentiating
ourselves within the marketplace," said Michelle Molloy, CEO for MegaCharge.
"Verifi's proven CDRN platform enables us to add value to our current gateway
services by responding to merchant demands to reduce chargebacks and mitigate
fraud in near real-time. We began yielding results shortly after implementation,
enabling us to provide improved and immediate benefits to our merchant clients.
CDRN enables us to identify true fraud and non-fraud chargebacks risks and
reduce expenses caused by relying on dated sources like TC40 data or other
chargeback mitigation solutions that don't provide CDRN's quality and accuracy."
Cardholder disputes represent a significant share of credit card fraud
throughout the world. According to Financial Fraud Action UK, fraud losses on
UK-issued credit cards totalled £321.5 million in the first half of 2016,
representing a 31 per cent increase from the same period 2015.
Directly integrated with the top issuing banks, CDRN provides merchants with
near real-time notification of true chargeback risks for both fraud and non-
fraud customer disputes. The "closed loop" pauses the chargeback process for up
to 72 hours to allow merchants the ability to review and resolve customer
disputes to their satisfaction before resulting in a costly chargeback problem,
while also avoiding false positives that result in lost sales, increased manual
review time and decreased profits. CDRN supports more than 25,000 merchant
accounts and prevents over 200,000 chargebacks each month.
Additionally, CDRN has been recognised as the Best Chargeback Management
Solution for the last five consecutive years by the Card Not Present Expo and
as Best Chargeback Prevention Service by TopCreditCardProcessors.com.
"We are thankful to establish a great partnership with MegaCharge in furthering
our UK market expansion," said Matthew Katz, CEO of Verifi. "The demand for CDRN
in the UK exceeded our expectations and we are confident that our deployment
with MegaCharge will help a great payments provider create even more value for
their customers. We expect to extend our UK network coverage for CDRN to 70% by
the end of 2017 while actively developing our reach throughout the EMEA region
as the year progresses."
Based in Los Angeles, California, Verifi established a London office and
commenced operations in the UK in mid-2016. The company currently supports
hundreds of merchants and recognised global brands in diverse industries
spanning digital music, information technology and entertainment as well as top
High Street and UK e-commerce clients. In response to the Company's rapid
expansion and demand for services, Verifi has broadened their investment in
facilities and key personnel to grow its UK-based chargeback network coverage.
As part of its on-going innovation, Verifi recently rolled out Order Insight, a
revolutionary new chargeback and fraud mitigation service that enables the
sharing of robust transaction details - such as merchant's name and contact
information, date of purchase, name of device used in the order process and item
or service descriptions (size, colour, style) - between cardholders, merchants
and issuers when a dispute arises. By provisioning this data directly into the
issuing bank's online or mobile applications, a questionable charge can usually
be resolved directly with the customer. This avoids a phone call to the issuer,
saving the sale as well as preventing the wasted time, resources and costs that
would have been incurred for all parties through the dispute representment
process. Additionally, if the customer does contact their bank, the call centre
representatives can access the enhanced order details to address the customers
concerns about the charge and provide a better resolution and customer
experience.
By providing a deeper level of data, Order Insight enables cardholders to better
recall and understand their purchases, avoiding the filing of false cases and
preventing fraud and efforts to "game the system" by denying legitimate charges
to their statement.
About MegaCharge
MegaCharge is an early-stage payments company focused entirely on payment
processing. With its own gateway software, fraud filters, management systems,
and PCI Level 1security, MegaCharge delivers the best business solution for
maintaining an online business with constant control of your cash
flow. www.megacharge.com
About Verifi
Verifi, an award-winning provider of end-to-end payment protection and
management solutions, was founded in 2005 to help merchants effectively manage
the payments challenges they face every day. Verifi 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 large enterpises. With our EMEA headquarters in London,
England, we process more than £16 billion transactions annually and currently
serve more than 25,000 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: 07.06.2017 - 10:00 Uhr
Sprache: Deutsch
News-ID 546650
Anzahl Zeichen: 7040
contact information:
Town:
Los Angeles, CA
Kategorie:
Business News
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