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Visa Agrees to Buy Verifi As Payments Players Wrestle With Rising Chargebacks

Digital Transactions

Visa Inc. announced it will buy Verifi Inc., a 14-year-old, Los Angeles-based provider of tools that allow merchants, acquirers, and issuers to resolve chargebacks. Visa, which did not announce terms for the deal, said it will integrate Verifi’s technology with risk-management capabilities from CyberSource and CardinalCommerce, companies the card network acquired in 2010 and 2017, respectively.

The deal for Verifi comes as concerns in the payments industry over chargebacks have risen in recent years. Chargebacks occur when buyers return merchandise or express dissatisfaction with a service and request a reversal of the charge on their cards.