Immediate Efficiency Improvement and Reduction In Chargebacks Realised
London – June 7, 2017 – 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.
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