VEReFIED - No more “I Didn’t Do It” Charge backs!
 
Identity theft has become the single greatest barrier for internet merchants to overcome. Why shop online if you open your personal information to the risk of being stolen? Convenience and price will not overcome this fear. Secure handling of a customers personal information is the only way buyers will feel confident to share their identity with reputable merchants. The public perception of what constitute a reputable merchant is one that employs measures to protect its customers.
Conversely, merchants are equally the victims of identity theft. Fraudulent use of credit card information has damaged many merchants, some to such an extent that they go out of business. Merchants have to endure the loss of their product and the additional cost of an "I didn't do it" charge back. Internet merchants, therefore, have the same a need to protect themselves against identity theft as does the consumer.
VERePAY Technologies, BankCard Central's preferred gateway/switch protects both the consumer and merchant from identity theft and fraudulent credit card usage through its payer authentication service, VEReFIED.
VEReFIED addresses consumers' security concerns by enabling consumers to add an online password to their existing Visa card, VEReFIED allows cardholders to ensure that their credit card may not be used online without the required authentication. The process is simple, quick and best of all initiated by the customer. Customers do not have to abandon the merchant’s web site to set up a personal account, create a digital wallet, purchase proxy service or load special software to make secure online purchase.
VEReFIED will spur sales because customers are secure that their personal information will be protected. The confidence generated by protecting customer’s credit card information removes the major impediment to online sales and will be reflected in increase initial and ensuing purchases.
VEReFIED benefits the merchants’ bottom line in ways beyond additional sales. The high cost of fraudulent charge-backs and product loss occasioned by cardholder fraud will be significantly reduced when the customer authenticates their use of the credit card. The financial impact of limiting the “I Didn’t Do It” charge backs cannot be overstated. Seventy percent (70%) of the charge back liability can be avoided and transferred away from a participating merchant. This savings plus the savings in lost product cost go directly to the bottom line. Who can fail to appreciate the beauty of a healthier bottom line?
VEReFIED is a Visa CISP --PCI Certified.
Start Accepting Credit Cards Today!
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