PayVerifi is nailing the card not present headache. Business owners have had trouble processing a credit card with just the number and no card being present. There’s a certain risk that goes with accepting payments this way.
This system was set up to assist in confirming, tracking and validating sales to reduce the liability for credit card fraud or buyer’s remorse. For example, if a business owner users a gateway like authorize.net to process credit cards, PayVerifi will receive information from the transaction and will query it.
An instant e-mail with the merchant’s info will be automatically sent to the customer with all the transaction data asking for confirmation of the transaction. A text is also sent out to the customer to further authenticate themselves and the transaction, from which PayVerifi will pull even more information.
After this, they’ll check against 200 different fraud parameters to make sure all is kosher. The merchant will be notified of any flags at that point and can determine whether to allow the sale to process. This system protects both the merchant and the customer. Prices for PayVerifi vary depending on the service chosen by the merchant.
For data, background and forecasts on PayVerifi: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).