Since 2017, Visa has provided a tool for effective, network-level dispute prevention called “Visa Merchant Purchase Inquiry (VMPI).” However, some questions for merchants remained:
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Should we build our own API?
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Should we use a VMPI facilitator? How would we find the right one?
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What is the ROI of using these services?
Then, in September 2019, Visa purchased Verifi, paving the way for a new iteration of dispute prevention technology.
Verifi: A Visa Solution
With Verifi in the fold, Visa is better able to answer these questions and more.
In Walden, Henry David Thoreau wrote, “Simplify, simplify.” Or, as Verifi founder Matthew Kratz puts it, “Keep It So Simple.” Simplicity is the goal of this new partnership between Verifi and Visa, embodied by the transformation of VMPI into Verifi Order Insight®.
Verifi Order Insight® simplifies the tasks necessary to conduct fraud and dispute prevention on a global scale to build trust and promote better customer experiences.
About Verifi Order Insight®
Payment ecosystems are often rife with inefficiencies and broken channels of communication. These inefficiencies are a particularly acute problem with disputed credit card charges, where up to 86% of cardholders go directly to their card issuer or bank, rather than the merchant, to dispute or question a charge. While some of these disputes may be the result of honest customer confusion due to unclear or incomplete billing descriptors, Aite Group estimates that between 60% and 70% of chargebacks are due to “friendly fraud.”
Verifi Order Insight® improves efficiency for all parties in a payment ecosystem. By facilitating a more natural exchange of information, Order Insight® makes it less likely that banks will issue chargebacks, harming the merchant for circumstances beyond their control.
Order Insight’s platform integrates with top credit card issuers’ systems and allows all parties to access the relevant order details, resolving disputes before they become chargebacks. The information that Order Insight® collects includes the date of purchase, the device used to process the purchase, merchant name and contact info, and details and descriptors for the purchased item or service.
When the customer elects to call their card issuer, Order Insight® provides the issuer’s representatives with the information they need to identify instances of potential fraud, flag suspicious cardholders, or resolve cases of legitimate confusion before the dispute becomes a chargeback.
Order Insight® helps merchants reduce the literal costs, time, and effort spent on dispute resolution, and brand damage of unnecessary chargebacks. It also helps card issuers operate more efficiently, provide better service to their customers, and reduce instances of “friendly fraud” by unscrupulous customers. Well-meaning and upstanding cardholders benefit from the transparent and efficient exchange of information that Order Insight® provides.
Key Merchant/Seller Features
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Improves customer loyalty by extending seller’s customer service to issuer call centers
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Enables issuer call centers to access enhanced receipt details to validate sales with customers at the point of inquiry
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Gives customer access to transaction details in bank’s online and mobile applications, enabling customers to clarify transaction confusion
Key Merchant/Seller Benefits
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Equips issuers to prevent disputes at customer inquiry
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Issuers can identify and prevent friendly and true fraud
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Reduces fines and fees associated with chargebacks
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Portfolio protection from high-risk monitoring programs
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Multiple card-brand dispute prevention
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Enables customers to clarify transaction confusion themselves
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Extends customer service and brand equity
Key Issuer Features
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Sellers respond to inquiries by issuers and their cardholders to proactively prevent disputes, improving overall cardholder experience
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Issuer call centers access transaction details to validate sales or confirm fraud
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Reduced call time and back-office processing
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Improved cardholder experience with enhanced details in online and mobile banking
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Reduced disputes by providing necessary details for self-resolution
Key Issuer Benefits
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Enables cardholder self-service. Issuer provides cardholder clarity through expanded receipt details delivered directly to their online banking portal or mobile app. Customers can quickly review and validate their purchase, or immediately confirm fraud and prevent a dispute from happening
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Enhances issuer support. Issuer agents empowered with full receipt details to review with the cardholder
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Provides coverage on multiple card brands. Proactive dispute prevention for Visa and Non-Visa disputes
How Order Insight® Works
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Customer contacts Issuer with a transaction dispute
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Issuer sends a request for order information
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Order Insight processes and sends a request to Seller
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Seller sends order data to Order Insight
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Order Insight provides Issuer with order details
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Issuer reviews information with Customer; dispute prevented
Issuer Integration
Visa requires Visa issuers to implement Order Insight® in the Visa Resolve Online (VROL) dispute management platform by April 2020. Established issuers in the Verifi network will also have access to Order Insight®, allowing them to work with sellers worldwide who have also adopted the platform.
Merchant/Seller Integration
Any seller requests to integrate into VMPI will be directed to Verifi Order Insight®. Visa will assist sellers and generally be able to onboard them to Order Insight® within three to four weeks.
Prevent Disputes, Fraud & Improve Customer Experiences
So, after all of this, you may find yourself thinking, “Ok, I’m convinced that Verifi Order Insight® will be useful to me. But why should I use MidMetrics as my Order Insight® vendor?” If you find Order Insight® to be a valuable tool, you will love the full toolbox of MidMetrics. Order Insight® combines with our other features—including our Management Dashboards, In-Depth Analytics Tools, On-Demand Reports, and Integrations—to give you a comprehensive method for monitoring the health of your MIDs (i.e., merchant identification numbers).
MidMetrics is an all-in-one chargeback management software. It combines chargeback and data services into a single platform that helps merchants analyze, prevent, and fight chargebacks in real-time. Merchants can simplify their chargeback management, with a single service providing the ability to monitor and report all chargebacks, prevention alerts, refunds, and decline/acceptance rate activity. MidMetrics also gives merchants customizable analytics tools that produce reports that provide actionable insights.
MidMetrics is expertly designed for ease of use, requiring minimal IT effort from merchants. It integrates via API with payment processors, gateways, CRMs, and chargeback alert providers such as Verifi CDRN and Ethoca. It automatically gathers and aggregates the relevant data, normalizes differently formatted data from various sources, and presents it in a highly visual, actionable form.
MidMetrics provides all of these valuable attributes—a full suite of our own, proprietary chargeback management tools, and integrations with third-party services like Order Insight®, Verifi Rapid Dispute Resolution (RDR), and Verifi CDRN and Ethoca alerts. Rather than trying to cobble together all of these services from different providers, or attempting to build them for yourself, you can purchase them together, seamlessly integrated to maximize their usefulness, from MidMetrics.
