As of Monday morning (June 28), Visa has announced it has signed a definitive acquisition agreement with Verifi. The payment tech firm offers a suite of data-enriched solutions to help merchants avoid chargebacks on card payments. Visa’s intention for the acquisition, according to a release, is to further enhance and extend its chargeback and dispute resolution infrastructure.
“As the way people pay and get paid continues to evolve, the way buyers and sellers communicate to resolve transaction disputes must also keep up with this rapid pace of commerce,” said Mary Kay Bowman, global head of seller solutions, Visa. “The addition of Verifi’s technology to Visa’s risk management solutions will introduce greater collaboration and insights to help resolve disputes quickly.”
Verifi’s solution aims to reduce the number of chargebacks on disputed payments by connecting all parties involved in the dispute in real time, so the issue can be satisfactorily resolved before a formal chargeback begins. According to Visa, the new tech tools will be integrated with the rest of its risk management services, including those delivered by CardinalCommerce and CyberSource.
“Facilitating trust and transparency across the buying experience is core to Visa’s brand promise, and Verifi’s technology and expertise will extend these capabilities to more partners across the payments ecosystem,” noted the release.
With the agreement finalized, the last thing that must happen to complete the deal is regulatory approval, which is probable.
Verifi CEO Matthew Katz noted the firm is “thrilled” to join up with Visa and to offer their technological dispute management system at scale. “Verifi has been a leader and trusted partner for the payments industry for years,” he said. “We pride ourselves in delivering technology and tools that improve communication and insights through the dispute management process to prevent unwanted chargebacks.”