Verifi minimizes chargebacks for Maxpay clients
Businesses that use Maxpay for their merchant operations will get another layer of protection from chargebacks. Verifi’s dispute management solutions are now available through Covery — the anti-fraud platform.
Verifi is a payment protection and management solutions company, which has been operating since 2005 and was acquired by Visa in September 2019. Maxpay is integrating Verifi’s Order Insight solution, which allows merchants to provide issuers with detailed transaction information.
Here’s an example of Order Insight in action: when a customer wants to dispute a transaction, they call their bank to request a chargeback. The issuer bank makes an Order Insight request and informs the merchant about the pending dispute. The merchant or their payment service provider shares all the relevant transaction data to the card-issuing bank.
The issuer processes this information in real-time, determining whether the customer’s chargeback request is valid or if the dispute qualifies as friendly fraud. If it is the latter, then the bank explains the transaction confusion to the customer. The customer, in turn, may agree with the explanation and decide not to proceed with the chargeback.
Thus, the Order Insight solution allows merchants to take part in the customer-issuer discussion on whether to request a chargeback or not. During the discussion, a merchant is able to provide detailed transaction and order information, which can be persuasive evidence against filing a chargeback. Order Insight has a record of effectiveness with a dispute deflection rate of up to 42%.
Minimizing chargebacks is crucial to Maxpay since we provide payment processing and gateway services for high-risk businesses. You can reduce the number of chargebacks and protect your business from friendly fraud easily. Contact us or use the online chat in the lower right-hand corner of the Maxpay website to get in touch with our support consultants quickly.
You can also benefit from Verifi’s solution through Covery. Visit the contact page on their website and leave a message.