Understanding Order Insight and Its Importance for Merchants
For some merchants, chargebacks can be the bane of your merchant account’s existence. Chargebacks can, in some cases, get your account shut down or raise your cost per transaction (CTP) immensely.
Initially launched in 2017 by VISA and formerly known as VMPI (Visa Merchant Purchase Inquiry), Verifi’s Order Insight offers merchants an impeccable tool to prevent chargebacks before they are even submitted to the bank.
What Is Order Insight?
Visa has estimated that their cardholders initiate over 3 million disputes per year because they can’t recognize the specific transaction in question. Order Insight could eliminate most or even all of those disputes.
Order Insight is designed to combat fraud in a more streamlined manner than traditional chargeback alerts. At Corepay, we are proud to offer direct Order Insight facilitation, including integration via API in less than 48 hours, through our partner CB-ALERT.
How Does Order Insight Work?
- The cardholder is reviewing bank transactions and requests additional transaction details with a customer representative on the phone.
- The issuer sends an API request to Verifi for additional information.
- Verifi sends a real-time request to the merchant.
- The merchant looks for the purchase information.
- The merchant sends detailed information regarding the purchase/data.
- Verifi validates this message and sends it back to the issuer.
- Issuer presents this data to their cardholder on the phone or through their online bank portal.
All of this happens within seconds of the issuing bank inquiring about the specific transaction.
What Information Should Be Shared With Order Insight?
Merchants/payment processing companies have a plethora of options regarding which information they choose to share with Order Insight. Typically, the more information that you can provide, the better the tool will perform.
Merchant Information
- Address of the business
- Business name
- Business website URL
- Customer service number
Customer Information
- Cardholder name
- Email address
- Phone number
- Notes about the customer
Details of the Order
- Order number
- Type of payment
- Price of purchase
- Tax included
- Date of the purchase
- IP address of the customer
- Number of items
- Location of purchase
- Name of device
- AVS, CVV, and 3D Secure response codes
Details of the Product
- Product name
- Product description
- Price
- Images
Order Insight Overview and Its Importance
Whether you’re a merchant considered low-risk or high-risk, Order Insight will be of assistance to your business. VISA initially launched it as VMPI in 2017 after a study showed that 14% of chargebacks were prevented in specific regions.
Key Features
- Cost Reduction: Helps merchants optimize customer support by reducing low-value calls.
- Self-Customer Service: Eliminates low-value disputes.
- Prevents Brand Damage: Resolves disputes before chargebacks are filed.
- Prevents Loss of Shipped Products: Stops product shipments when necessary.
Mastercard’s Consumer Clarity vs. Visa’s Order Insight
Mastercard’s Consumer Clarity is a similar product to Order Insight. Both aim to stop chargebacks during the dispute process. However, they work on different platforms, with Order Insight being for Visa and Consumer Clarity for Mastercard.
Rapid Dispute Resolution (RDR)
RDR is another tool by Verifi that helps fight chargebacks. When disputes match a merchant’s set criteria, RDR automatically issues a refund, preventing the dispute from escalating into a chargeback.
Should Merchants Use Order Insight?
The short answer is yes. Order Insight reduces chargebacks, saves costs, and provides real-time solutions for transactional disputes.
How Can Merchants Start Using Order Insight?
Merchants can integrate Order Insight into their CRM systems via a partner with a robust API and support team. Corepay offers direct facilitation through CB-ALERT, enabling merchants to get started in less than 48 hours.
Wrapping Up
Order Insight is an effective tool that reduces chargebacks, protects your merchant account, and improves customer service. By partnering with CB-ALERT, Corepay ensures seamless integration and excellent support.
Have questions? Contact us at sa***@co*****.net.
