International Finance

Konnektive partners with Verifi to combat fraud and prevent chargebacks

CDRN will help protect Konnektive Merchants' e-commerce transactions

Verifi, Inc., a leading provider of payment and risk management solutions for card-not-present (CNP) merchants, announced that Konnektive CRM has completed an API integration of its award-winning Cardholder Dispute Resolution Network (CDRN) solution, enabling merchants to resolve cardholder disputes before they become chargebacks. Previously, Konnektive merchants were only able to combat chargebacks through third parties. CDRN will deliver greater efficiency to the chargeback prevention process, enabling merchants to deal directly with CDRN disputes within the Konnektive CRM interface.

“We chose to work with Verifi based on their reputation as an industry leader,” said Matthew Martorano, CEO of Konnektive CRM. “The ability for our clients to receive and respond to disputes in near real-time will deliver greater efficiencies for our sales and campaign management operations and help protect our clients’ stream of commerce.”

Konnektive is a complete CRM/OMS (customer relationship management and order management system) platform that converges the best in technology and user interface for product and campaign management for trial/continuity, straight sale, and multi-pay. Further services include a landing page builder, shopping cart technology, online sales tracking system, sales scripting and order entry software that can be integrated to telephony platforms, an easy-to-use customer service interface, billing system that completely integrates with any accounting system, and a complete fulfillment management system. All these services and features are combined into one unique product that is completely web-accessible and secure.

Konnektive’s adoption of CDRN is reflective of a worldwide demand for a comprehensive platform that directly connects merchants and issuing banks to resolve consumer complaints, delivering the highest quality service and true protection for merchants and issuers alike around the globe.

“We are thrilled to have Konnektive CRM be the first CRM partner to integrate our CDRN API and take on a key role in reducing chargebacks and fraud for their extensive clientele,” said Matthew Katz, CEO of Verifi. “Fraud and chargebacks continue to be a major issue for merchants and will continue to grow as shoppers migrate more of their shopping to online and mobile commerce. This partnership illustrates our continued commitment to enable merchants and issuing banks to efficiently resolve true cardholder-initiated disputes at their origin, stopping them from becoming chargebacks and incurring all of the added costs and pain that goes along with them.”

Verifi’s 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 its launch in 2007, Verifi’s unique and patented CDRN ‘closed loop’ process directly integrates with top issuers, providing unmatched service, quality, and accuracy for merchants in collaboration with issuers to resolve disputed payments, and dramatically minimise fraud and non-fraud related chargebacks and cardholder dissatisfaction. CDRN covers approximately 50% of the US market and has resolved 90% of fraud and non-fraud related disputes before they turn into costly chargebacks for merchants and issuers alike.

In response to the Company’s rapid expansion and demand for services, Verifi has extended their award-winning chargeback solutions to the UK, Australia, New Zealand, with plans for further expansion to other markets including France and Germany later this year.

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