Verifi, Inc., the industry-leading provider of end-to-end payment protection and risk management solutions, has launched a new service for merchants to take control and fight chargebacks with in-house dispute management.
Self-Service Chargeback Representment is built on 13 years of Verifi expertise to help merchants efficiently and effectively reclaim profits lost to disputes.
Chargebacks cost merchants more than $19 billion in 2018 alone in lost profits, employee time, company resources, and associated fees and penalties. In-house chargeback management teams are often overwhelmed by the dispute case load and documentation requirements. As many as 24% of merchants lose in the dispute response process because they are unable to provide the right documentation in time. To meet this challenge, Verifi has launched Self-Service Chargeback Representment - a single web-based solution that empowers merchants’ chargeback management teams with instant access to the critical information needed to represent a chargeback.
“Self-Service Chargeback Representment was created to meet the demands of merchants whose dispute teams require a single platform that allows for easy adoption, maximised wins, and highly efficient management,” said Matthew Katz, CEO of Verifi. “Self-Service Chargeback Representment streamlines the process, enabling merchants to focus on revenue recovery without the challenges of manual tracking, document collection, and other hurdles in the dispute management process.”
Self-Service Chargeback Representment is the latest addition to the company’s comprehensive suite of services. Additional services include Verifi’s patent pending Order Insight®, which enables the sharing of robust transaction details between cardholders, merchants and issuers to reduce billing confusion, identify fraud, confirm valid sales, and eliminate chargebacks, and CDRN®, which provides a patented “closed loop” process that directly integrates merchants with top issuers to resolve disputed payments and dramatically minimise chargebacks. Together, the suite of Verifi SaaS products, enables merchants and issuing banks to deflect chargebacks (Order Insight), resolve disputes (CDRN) and win back lost profits from unwarranted chargebacks (Self-Service Chargeback Representment).
Self-Service Chargeback Representment is available for merchants as a SaaS, single login platform. Features of Self-Service Chargeback Representment include:
• Single Portal: Self-Service Chargeback Representment enables quick and thorough management of disputes from multiple dispute sources and acquirers via the new Verifi | One ™ portal, eliminating the need for manual tracking.
• Key Compelling Evidence: The self-service solution identifies and recommends the required data elements for each dispute, ensuring that merchants efficiently and correctly compile their dispute response and comply with each card brand’s rules regarding disputes and chargebacks.
• Case Management: Review and update all elements of each case across your team, and ensure user efficiency with case guidance tips.
• Prioritisation: Never miss another deadline as the platform prioritizes each case, enabling on-time responses and maximising win rates.
• Robust Analytics: User-friendly dashboards and reporting to track dispute team progress and identify real-time process improvement opportunities, without neglecting cases.
Contributed | what does this mean?