Verde Payments Rolls Out Powerful Merchant Protection Tools
The global payments processor aims to minimize chargebacks and refunds.
RIVIERA BEACH, Fla., July 13, 2023 (Newswire.com) - Verde Payments is announcing a suite of tools to aid merchants with chargeback problems. This ala carte service is now available through the FraudDeflect Product Suite. Of particular note is the new Visa Compelling Evidence 3.0 service tool that can erase chargebacks and stop chargebacks for existing subscription customers.
Visa Compelling Evidence 3.0 (CE3.0) was developed to help merchants eliminate disputes with customers and erase chargebacks for good. It allows merchants to provide more detailed evidence to support their case in the event of a dispute. Visa CE3.0 will reduce the number of chargebacks merchants receive, saving them time and money.
A key benefit of Visa CE3.0 is a more detailed view of a customer's transaction history, including the date, time and location of each transaction, past transactions with the same customer and other relevant details. This helps convince the issuing bank that a charge is legitimate, reducing the likelihood of a chargeback. It provides proof when a customer in fact made a transaction and erases the chargeback — prompting the customer to deal with the merchant about an issue rather than blindly charging back the transaction.
Verifi Order Insight (OI): This product lets issuers request real-time transaction information while the consumer is on the phone. It provides shopping cart details, customer history, refund information, shipping details and more.
Verifi CDRN: This sends merchants an alert letting them know of a pending chargeback. If they accept and refund within 72 hours, the chargeback is prevented. Visa CDRN is effective on Visa and some Mastercard.
Ethoca Alerts: Similar to Visa CDRN, Ethoca Alerts work for all Mastercard transactions and allow merchants 24 hours for a refund decision.
Visa Rapid Dispute Resolution (RDR): This product is fully automated by Visa. Once an RDR is received, the acquirer pulls the funds from the merchant's bank account like a chargeback, but this does not count against a merchant's chargeback ratio or the monitoring programs.
Verifi Inform: This is a real-time notification service. When a merchant receives a chargeback, fraud-flagged transaction or a CE3.0 win/loss, they are informed immediately. This is useful for representment, stop-shipment, disentitle digital goods, etc. (Required for OI/CE3.0).
According to Bill Ranta, VP of Revenue at Verde Payments and self-proclaimed CNP Evangelist, "Order Insight, coupled with Compelling Evidence 3.0 and Inform, can provide a recurring billing merchant a solid defense shield … It's great progress over the last 10 years for Card Not Present merchants, and you shouldn't be selling without it."
Source: Verde Payments