Verifi Spins Off ‘Chargeback Representment’ as a Standalone Service

Sept. 23, 2010

Verifi, Inc., a payment and risk management solutions provider for CNP merchants, this week announced the availability of its “chargeback representment” service as a standalone offering independent of the company’s payment gateway. Verifi said its chargeback specialists review and analyze disputed transactions against existing customer data including card brand, card type, product purchased, marketing source, IP address, and other transaction information and then address the chargeback directly with the ISO or customer’s issuing bank to win back the merchant’s lost revenue. The company claims the service can recover as much as 75 percent of a merchant’s disputed charges. “What we’ve done with the standalone representment service is 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.”