Visa will acquire Verifi, a chargeback reduction solution provider. The deal will combine the dispute resolution tools offered by Verifi with the risk and fraud management solutions available through Visa, to provide retailers with tools designed to cut chargeback costs and improve the customer experience. Financial details of the transaction were not disclosed.
Verifi connects all parties in the dispute process in a near real-time management process that helps resolve the issue before it becomes a chargeback. This functionality will be integrated with Visa risk management services, including CardinalCommerce and CyberSource, to offer greater automation, near real-time communication and additional data-driven insights for retail partners.
“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,” said Mary Kay Bowman, Global Head of Seller Solutions at Visa in a statement. “The addition of Verifi’s technology to Visa’s risk management solutions will introduce greater collaboration and insights to help resolve disputes quickly.”