Verifi, Inc., a leading provider of payment and risk management solutions for card-not-present (CNP) merchants, announced that they have partnered with Missouri-based Nodaway Valley Bank to combat fraud and mitigate chargebacks for its base of customers.
Nodaway Valley Bank will look to Verifi to implement their end-to-end payment protection and management solutions. Verifi’s suite of services enables issuing banks to work directly with merchants to access critical dispute data and settle the matter before a dispute becomes an expensive chargeback.
“Chargebacks continue to be a huge challenge to our entire industry,” said Matthew Katz, CEO of Verifi. “Our partnership with Nodaway Valley Bank expands our network coverage in the mid-size bankcard market, consistent with our strategy to provide the broadest support and protection to merchants and issuers of all sizes. We are pleased to be working with such an historic institution to provide greater value to their merchant and consumer customers.”
Based in Missouri, Nodaway Valley Bank has provided their regional clientele with the latest banking services for almost 150 years.
“We chose Verifi based on their leadership within the industry, and their ability to expertly address our chargeback challenges,” said Jim Davis, Chief Financial Officer of Nodaway Valley Bank. “Verifi’s proven solutions enable us to reduce operating costs, streamline our review process, and enhance both merchant and cardholder satisfaction.”
Recognised as the Best Chargeback Management Program for the last five consecutive years by the Card Not Present Expo, Verifi’s Cardholder Dispute Resolution Network (CDRN) prevents hundreds of thousands of chargeback cases every month, providing real protection from costly fees, fines or penalties, and cardholder dissatisfaction which affect merchants and issuers alike. With year-over-year growth since the program’s launch in 2007, Verifi’s unique and patented CDRN “closed loop” process directly integrates with issuers, providing unmatched service, quality and accuracy for merchants in collaboration with issuers to resolve disputed payments and dramatically minimise chargebacks and cardholder dissatisfaction. By providing merchants with visibility into fraud and non-fraud customer disputes in near real-time, the CDRN process provides the highest level of true chargeback protection, while avoiding false positives that result in lost sales, increased manual review time, and decreased profits. CDRN covers approximately 50% of the US market and boasts a 90% resolution rate.