Mid-Wilshire-based Verifi, which develops software to secure electronic payments for businesses, was acquired by Visa Inc. Sept. 12.
The two companies announced the acquisition in late June but finalized the deal today. Verifi would not disclose how much Visa paid for it but noted it will maintain its offices in Los Angeles despite its new San Francisco-based ownership.
Joining Visa’s robust portfolio of acquisitions and subsidiaries gives Verifi access to more clientele. Visa adds to its ranks another digital risk management platform that is designed to mitigate online payment fraud and prevent chargebacks.
Verifi Chief Executive Matthew Katz said in a statement, “We are thrilled to be joining forces with Visa to scale and expand this offering and further modernize the dispute management process.”
“We pride ourselves in delivering technology and tools that improve communication through the dispute management process to prevent unwanted chargebacks,” he added.
According to a study Verifi published May 2018, the company estimates that card chargebacks accounted for $31 billion in losses throughout 2017, with merchants shouldering more than $19 million of that cost.
Visa's international head of seller solutions Mary Kay Bowman said in a statement, “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."
"Verifi’s technology and expertise will extend these capabilities to more partners across the payments ecosystem," Bowman added.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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