A chargeback is the return of funds from a bank to the consumer due to a disputed transaction, and chargeback representment is the process by which a merchant can dispute a chargeback with an issuing bank. Chargebacks are costing businesses millions of dollars annually, but merchants lack the time, expertise and resources to manage chargeback representment in-house. By leveraging upon Verifi’s proprietary chargeback representment service, merchants may be able to reclaim lost revenue and improve profits, while reducing criminal and “friendly” transaction fraud.
Verifi simplifies chargeback representment for merchants by managing the process start to finish while assuring that a merchant’s customer data is maintained in a PCI Level 1 environment. Chargeback data is transmitted directly from the merchant’s bank or ISO to the Verifi system, which also integrates to the merchant’s CRM and order management applications. Verifi chargeback specialists review and analyze the transactions against existing customer data, including card brand, card type, product purchased, marketing source, IP address, and other transaction information and then dispute the chargeback directly with the ISO or customer’s issuing bank to win back the merchant’s lost revenue. Verifi processes over 80,000 chargebacks per month and could successfully recover as much as 75% of a merchant’s disputed charges.
“What we’ve done with the standalone representment service is very unique,” said Matthew Katz, Founder and Chairman for Verifi. “We’ve separated representment from our payment gateway, without compromising the integrity of the chargeback service. This is important because it allows merchants to leverage our highly trained team of chargeback experts and robust reporting platform—two assets they’d miss if managing chargebacks in-house—while avoiding the need to switch gateway providers or integrate to Verifi. By outsourcing chargebacks to Verifi, merchants can begin recovering lost revenue immediately.”
Verifi’s Chargeback Representment is now available as a standalone service, providing a cost effective program with fast and easy integration. Verifi also offers flexible payment options including payment for successful recovery or by total transaction volume. For more information call 323.655.5789 or visit https://www.verifi.com/managed-services/chargeback-management.html.
About Verifi, Inc.
Verifi, Inc. is a leading provider of global electronic payment and risk management solutions for card-not-present merchants. The highly customizable payment and real-time reporting platform serves as a foundation for Verifi’s suite of fraud solutions and risk management strategies. With a commitment of reducing risk while increasing profitability for clients, Verifi’s multi-layered approach enables transaction risk management and mitigation, business optimization strategies, cardholder authentication and chargeback re-presentment for all major credit card brands. Verifi is PCI Level 1 certified and headquartered in Los Angeles, California with a satellite office in Redwood Shores, California. For more information on Verifi, please visit: http://www.Verifi.com or please email us at [email protected]