Electronic payments company Verifi Inc. has developed a service it says can help merchants that conduct card-not-present transactions recover up to 75% of chargebacks.
A merchant's chargeback data is sent to Verifi's system, where Verifi employees review the transactions against existing customer data such as card brand, product purchased and IP address, and dispute customer chargebacks with the ISO or card-issuing bank.
Verifi, which also operates a payments gateway for card-not-present merchants, is offering the chargeback service as a separate product, which eliminates "the need to switch gateway providers or integrate to Verifi," Matthew Katz, the Los Angeles company's founder and chairman, said in a press release Monday.
"By outsourcing chargebacks to Verifi, merchants can begin recovering lost revenue immediately," Katz said.
