Verifi’s Ongoing Commitment to Innovation in Payments Protection Recognized with One of the Industry’s Highest Honors
Los Angeles (May 31, 2018) – Today, Verifi announced that for the sixth consecutive year they have been awarded “Best Chargeback Management Program” at the 2018 Card Not Present Expo, held this year in Orlando, Florida. Verifi was one of many nominees from around the globe evaluated in this year’s competition. This award highlights the exemplary quality and performance of Verifi’s chargeback suite of services, and Verifi is the only six-time, consecutive recipient of the award.
“Rapid growth of e-commerce and mobile payments place an ongoing demand for the development of new technologies to meet the challenges of accepting card-not-present transactions, which seek to serve a wide and growing array of retailers,” said DJ Murphy, Editor-in-Chief. “As the established industry standard for recognizing the excellence in achievement toward that end, the CNP Awards is keen to acknowledge these businesses, organizations, services and potential partners for their outstanding efforts.”
Verifi’s Comprehensive Chargeback Management solution suite was recognized for excellence in delivering end-to-end protection against significant losses caused by disputes and chargebacks.
Through Order insight™, consumers and issuers can access robust transaction details and merchant information at the onset of a transaction inquiry, helping to reduce consumer billing confusion and deflect disputes and unnecessary chargebacks. Issuers can also quickly validate the transaction and identify friendly fraud to stop fraudulent chargebacks from occurring and save the sale for the merchant.
For disputes that cannot be deflected up front, Verifi’s Cardholder Dispute Resolution Network™ (“CDRN®”) provides prompt notification to the merchant of customer-initiated disputes directly from the issuer. CDRN pauses the dispute process so the merchant can resolve the dispute before escalating to become a chargeback. The CDRN patented, “closed loop” process facilitates collaboration between merchants and top issuers to accurately identify a chargeback risk and help avoid false positives, which increase expenses and lower profits due to over-refunding.
For unwarranted chargebacks that do occur, Verifi’s Chargeback Revenue Recovery specialists manage all aspects of the dispute process on behalf of merchants, and help represent and recover lost profits with a win rate up to 2X the industry standard.
“Being recognized for the sixth straight year by our peers and respected leaders in the payments industry is a very special honor,” said Matthew Katz, CEO of Verifi. “We continually strive to improve the value of our services for our clients and partners alike, and deliver the strongest solutions to help them combat the problems in their business caused by disputes and chargebacks.”
Founded in 2005, Verifi is an award-winning provider of end-to-end payment protection and risk management solutions. Verifi’s proprietary collaboration platform services, Cardholder Dispute Resolution Network (“CDRN”) and Order Insight, enable the sharing of near real-time data between cardholders, merchants, and issuers to resolve disputes, save sales, prevent fraud and stop chargebacks. With an EMEA headquarters in London, England, Verifi serves more than 20,000 accounts globally. Since their founding, Verifi have developed industry-leading solutions that are trusted by a wide range of businesses, from emerging companies to the Fortune 500. For more information, visit: uk.verifi.com.