The collaboration seeks to enable merchants that meet Visa Compelling Evidence 3.0 criteria to deflect first-party misuse disputes. Following the increased rates of friendly fraud and chargebacks, along with the time-consuming dispute-related processes, merchants require a more transparent relationship with consumers, as well as an efficient way to respond to disputes that don’t touch their revenue.
As per the press release information, Nethone has partnered with Verifi to provide a solution with significant benefits to merchants that meet the Visa CE3.0 requirements. Over the past 10 years, Visa has worked towards building strong data infrastructure to ensure increasingly safe and smart solutions for merchants both prior to the transaction to prevent fraud, and in the post-purchase environment for next-generation dispute management. Merchants can prevent illegitimate payment disputes effectively so that their fraud and dispute ratios remain unaffected. What is more, by having billing confusion on the consumer’s end eliminated, transparency is strengthened, fostering a positive merchant-consumer relationship.
Deflecting disputes under Visa CE3.0 criteria involves a multi-step process that has a requirement for transaction-related data sharing between the issuer, merchant, chargeback management provider, and Visa. Nethone’s profiling solution captures crucial data attributes to help ensure that the requirements align with Visa CE3.0 rules. What is more, the company handles the entire process on the merchant’s behalf, thus facilitating the journey towards dispute deflection.
When commenting on the announcement, Nethone officials stated that a better option to challenging friendly fraud disputes is preventing them from happening to begin with, and the company looks to enable merchants to provide stronger evidence that reflects they are not responsible for illegitimate chargebacks, made possible through its profiling solution and advanced automated tools.
More to this point, the press release highlights that Nethone has been addressing the chargeback and friendly fraud issues making use of Nethone Alerts, a solution that notifies merchants to refund transactions ahead of the chargeback procedure initiation. With the introduction of the new solution, the company looks to strengthen its chargeback management capabilities on the market to better serve all the players who are faced with the challenges associated with chargeback and friendly fraud.
Activating within the payments industry since 2005, Verifi provides end-to-end payment solutions that help protect against fraud, prevent, and resolve disputes, and recover revenue lost to chargebacks. In 2019, it was acquired by Visa, combining technologies to offer increased fraud and dispute management solutions on a global scale. The company develops strategic, adaptive tech for sellers, payment facilitators, acquirers, and issuers, building partnerships to deliver value, increase profits, and promote brand growth.
Nethone provides a risk detection product designed to protect the complete user journey, from onboarding to post-payment, while also helping merchants gain a holistic understanding of their end-users, good and bad. With its Know Your User (KYU) profiling technology and AI-powered tools, Nethone blocks all risky users without friction to identify the good ones by screening every single one. From 2022 onwards, the company has been part of the Mangopay Group, a pan-European platform payment and wallet infrastructure provider.
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