LOS ANGELES | Verifi's Chargeback Recovery Service has been enhanced to enable merchants to recover funds lost to chargebacks. Verifi, provider of risk management solutions precesses more than $11 billion in sales transactions and more than 1 million chargebacks each year.
'Chargebacks cost merchants between $40-$80 billion dollars per year'
Historically, merchants of all sizes have struggled to recover chargebacks due to lack of resources and expertise, changing rules, and burdensome PCI-DSS controls. In addition, consumers are finding it easier and easier to dispute legitimate charges. This type of consumer “shop-lifting” or “friendly fraud,” places an unfair cost burden on the merchant. It is estimated that chargebacks cost merchants between $40-$80 billion dollars per year. This figure includes the cost of goods lost to chargebacks, extra staff-time spent managing chargebacks as well as the actual funds lost to chargebacks. With so much money on the line, merchants have more incentive than ever to aggressively fight and recover chargebacks.
Quickly recover funds lost to chargebacks
To help merchants, Verifi recently expanded the capabilities available in its Premier Chargeback Revenue Recovery Service. Most notably, a new “Fast-Trak” integration is now available that dramatically reduces IT involvement – giving merchants the ability to start recovering revenue quickly without tying up scarce IT resources. The service works directly with processors (and via direct bank integrations) to help merchants quickly recover funds lost to chargebacks. Additionally, the service is now omni-channel and covers both Card Not Present and Card-Present transactions across all major payment brands and now even PayPal.
'Chargeback win rates of over 50%'
“Our long history and sheer volume of transactions and chargeback experience provides unique insight across numerous industries, payment brands and helps us better understand the diverse requirements for representment across complex reason codes,” said Matthew Katz, Verifi’s founder and CEO. “Direct relationships with acquiring banks and processors combined with highly trained Chargeback Recovery Specialists mean we can handle ALL aspects of the dispute process; gathering all research, effectively positioning the case evidence for success and managing all the issuer communications through resolution. It’s one reason we have achieved win rates of over 50%.”
Premier Chargeback Revenue Recovery Service
The Premier Chargeback Revenue Recovery Service includes in-depth analytics and reporting features that can also help identify operational problems and improve fraud and chargeback prevention measures. Click here for more information about Verifi’s Premier Chargeback Revenue Recovery Service. Sourced from Verifi, May 20th, 2014