Visa Acquires Verifi to Resolve Disputes & Prevent Chargebacks
- July 2, 2019
- 2 minutes
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 and prevent 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 solutions for risk management.
The Initiative: Collaboration, Transparency, and Real-Time Communication
In 2018, Visa launched a new dispute management initiative called Visa Claims Resolution. One of the primary goals of the initiative was to reduce the amount of time and effort needed to resolve payment disputes.
Since Verifi already has an established network of issuers engaging in near real-time communication, the company is uniquely positioned to help Visa accomplish this goal.
As Mary Kay Bowman, Visa’s global head of seller solutions, explained it: “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.
– Mark Standfield, President of Midigator
“Midigator® has been a preferred partner with Verifi for years.” said Mark Standfield, president of Midigator. “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 Visa’s acquisition of Verifi can be found here.