Visa Acquires Verifi to Resolve Disputes & Prevent Chargebacks
The payments industry is on the verge of significant change: Visa® has announced plans to acquire Verifi™.
This new partnership will allow Visa to extend its chargeback and dispute resolution capabilities.
A New Addition to Visa’s Risk Management Services
With decades of experience, Verifi has become a trusted partner for thousands of merchants who use the company’s well-known prevention alerts product to resolve disputes quickly and reduce chargebacks.
By adding Verifi’s dispute resolution tools to other Visa services such as CardinalCommerce and CyberSource, the card network is set to offer merchants a comprehensive suite of risk management services.
The Initiative: Collaboration, Transparency, and Real-Time Communication
In 2018, Visa launched a new dispute management process called Visa Claims Resolution. One of the primary goals of the initiative was to reduce the amount of time and effort needed to resolve transaction disputes.
Since Verifi already has an established network of issuers engaging in communication in near real time, the company is uniquely positioned to help Visa accomplish this goal.
As Mary Kay Bowman, Visa’s global head of seller solutions, explained it: “As the way people pay and get paid continues to evolve, the way buyers and sellers communicate to resolve transaction disputes must also keep up with this rapid pace of commerce. The addition of Verifi’s technology to Visa’s risk management solutions will introduce greater collaboration and insights to help resolve disputes quickly.”
While it is still unknown how this partnership will impact existing products such as prevention alerts and VMPI, the anticipated outcomes are positive.
"We are encouraged by Visa’s ongoing efforts to modernize the dispute process, and we anticipate these efforts will continue to benefit the entire payments ecosystem."
- Robert Painter, Director of Chargeback Management
"Kount has been a preferred partner with Verifi for years.” said Robert Painter, Director of Chargeback Management. “After speaking with their team, it’s evident that Visa’s commitment to growing Verifi’s business will yield expanded coverage for merchants who use the network. We are encouraged by Visa’s ongoing efforts to modernize the dispute process, and we anticipate these efforts will continue to benefit the entire ecosystem.”
The press release announcing when Visa buys Verifi can be found here.