LOS ANGELES, CA--(Marketwire - January 18, 2011) - Verifi, Inc., a leading provider of payment and risk management solutions for card-not-present merchants, today announced the availability of Verifi Decline Salvage as a standalone service independent of the company's payment gateway. Decline Salvage uses proprietary logic to analyze and re-submit declined credit card transactions for an approved authorization, saving merchants time and costly fees.
With Decline Salvage, merchants can maximize their approval rates on recurring billing requests and recover revenue otherwise considered uncollectable. According to MasterCard, recurring payment decline rates can average 25 to 30 percent -- much higher than the five percent average for face-to-face transactions.
"Recurring merchants who accept credit card transactions have experienced the lost revenue and frustrations associated with declines when attempting to collect for the goods or services they deliver to consumers," said Jeff Sawitke, Senior Vice President and Chief Product Officer for Verifi. "These losses can be costly, and merchants offering subscription programs are especially vulnerable as their business models are dependent on receiving timely, recurring payments. We are offering our Decline Salvage solution as a standalone service so merchants in need of assistance in this area can easily integrate our solution into their existing decline recycling process."
Declines result when a card issuer denies an attempted transaction on a card and decline salvage typically occurs on transactions where a merchant has already attempted payment authorization several times and failed. Merchants with recurring billing or installment payment structures are particularly sensitive to declines, as their business models are dependent upon receiving the recurring payments for goods or services provided to the consumer beyond the initial or trial billing period. Merchants can attempt to recover funds from a declined transaction, however the manual review of account information is costly.
Decline Salvage as a standalone service is not necessarily meant to replace a merchant's existing decline recycling procedure. Rather, it offers the merchant an additional tool to assist them in retaining revenue from their existing clients. Verifi's proprietary solution effectively helps merchants maximize the approval rate on previously declined transactions and typically results in a four to 10 percent average recovery. Because the future levels of continuity billing are equally successful, Verifi's Decline Salvage solution also increases consumer lifetime value.
For more information about Decline Salvage, call 323.655.5789 or visit https://www.verifi.com/managed-services/decline-salvage.html.
About Verifi, Inc.
Verifi, Inc. is a leading provider of global electronic payment and risk management solutions for card-not-present merchants. The highly customizable payment and real-time reporting platform serves as a foundation for Verifi's suite of fraud solutions and risk management strategies. With a commitment of reducing risk while increasing profitability for clients, Verifi's multi-layered approach enables transaction risk management and mitigation, business optimization strategies, cardholder authentication and chargeback re-presentment for all major credit card brands. Verifi is offered via Software-as-a-Service model and is PCI Level 1 certified headquartered in Los Angeles, California. For more information on Verifi, please visit: http://www.Verifi.com or please email us at Info@Verifi.com.
Contact Information:
Company Contact:
Name: Kimmy Luu
Phone: (323) 655-5789
Email: Kimmy.Luu@verifi.com