LOS ANGELES, CA--(Marketwired - Nov 24, 2015) - Global online retailer, SoftwareProjects Inc., today announced a partnership with Verifi Inc., the leading provider of payment and risk management solutions for card-not-present merchants. Verifi's Cardholder Dispute Resolution Network™ (CDRN) was selected to help SoftwareProjects prevent chargebacks, increase transaction profitability and reduce fees across its multi-merchant, international ecommerce platform.
Today, Verifi's CDRN™ connects a growing portfolio of more than 8900 merchant accounts directly to top card issuers through a proprietary, patented closed-loop network. When a consumer disputes a charge through the card issuer, the dispute is routed directly from the issuer directly to the merchant -- giving the merchant time to address and resolve the dispute with the consumer before the dispute escalates and becomes a costly chargeback. Unlike other solutions CDRN's direct link between merchant and issuer means that all the dispute data and notifications are REAL and IMMEDIATELY ACTIONABLE.
"With previous vendors, up to 80% of our alerts resulted in false disputes in some way. Not only were we overpaying for alerts that never resulted in a chargeback, false alerts also created profit loss from over refunding and very expensive fire drills that required significant and expensive manual review," said Mike Peters, General Manager of SoftwareProjects, Inc. "With Verifi, we know that every dispute is real -- with no errors or false alarms. By reducing false alerts and defects, we will dramatically reduce our total cost per chargeback. That's why we partnered with Verifi. With CDRN's closed-loop network chargeback prevention network, there is no ambiguity and no guessing about the legitimacy of a dispute -- we know that every notification we receive for both fraud and non fraud disputes won't result in wasted time or money."
MERCHANTS FEEL THE PAIN OF CHARGEBACKS
Chargebacks cost merchants as much as $40 billion per year and are expected to grow in the US now that the EMV standard has been rolled out. Whether caused by identity theft, stolen payment cards or buyer's remorse (also called friendly fraud), every $100 in chargebacks is estimated to cost a merchant $308 in time, fees, penalties and lost product.
As a rapidly growing Inc 5000 company, SoftwareProjects provides a safe and reliable way to shop online, selling thousands of software products, ebooks and online services to consumers and businesses around the world. The CDRN platform was selected to augment a comprehensive suite of security and fraud prevention measures, which include tokenization, client-side encryption, device fingerprinting and real-time fraud assessments.
"We are extremely pleased SoftwareProjects chose to integrate CDRN into their merchant platform. Stopping chargebacks with the highest quality will help manage their risks and return dollars to SPI's bottom line immediately," said Matthew Katz, CEO of Verifi, Inc. "Our focus has always been to provide the highest quality and most accurate protection available and our closed-loop collaborative network provides true protection and cost savings to merchants from emerging businesses to Fortune 500 world-wide."
About Verifi
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help merchants effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings and keep loyal customers. Verifi's best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 8900 accounts globally.
For more information, visit: www.verifi.com.
About SoftwareProjects
SoftwareProjects is a global online retailer, selling thousands of software products, ebooks and online services to consumers and business around the world. Established in 2003, SoftwareProjects evolved from humble beginning as a small web agency, then to a SaaS provider of CRM, ESP, shopping carts and analytics solutions, all the way to a global online retailer. Throughout its evolution, SoftwareProjects remained true to its vision -- helping consumers and businesses realize their full potential, by providing access to the right technology and information.
Learn more at www.softwareprojects.com.
Contact Information:
Contact:
Kevin Mercuri
kevin@propheta.com
212-901-6914