Verify-1® Fraud Detection SystemSource: The Retail Equation
Returns cost retailers profits and customers — but they don't have to
According to a recent National Retail Security Survey, approximately 9% of all retail returns are fraudulent—costing the retail industry about $16B per year. Although returns are a complex issue for retailers, there is a simple solution. The Retail Equation, the leader in intelligent solutions for return authorization, offers you a way to authorize returns objectively and confidently. In fact, Verify-1® is the most widely used return authorization product in the retail industry—it has been proven effective in stores all over the country. And as stated in The Wall Street Journal,Verify-1 "can now be found in every mall in America."
Verify-1® is quickly operational. And it authorizes returns even quicker
Verify-1® identifies fraud and abuse at the point of return before they become liabilities to your brand equity or profits. In stand-alone mode, this easy-to-use, turnkey solution can be operational in 30 days and will reduce your return rate immediately, without disrupting your business or IT configuration. Verify-1® also integrates easily into your existing POS platform.
You set the policy, Verify-1® enforces it
With Verify-1®, your returns are dealt with consistently utilizing advanced statistical modeling in combination with state return laws and your existing return policies. At the point of return, using the customer's driver's license or other valid identification, Verify-1® automatically checks prior return behavior and authorizes or declines the transaction. Customers identified as risks for presenting fraudulent returns are declined, while legitimate returns are speedily accepted.
Expect ROI ASAP
With Verify-1®, our customers have seen on average a return rate reduction of over 5% along with a significant measurable return on investment. For example, a retailer with an annual revenue of $7,572,000,000 can expect a net revenue increase of $37,860,000,. And the results are visible immediately—bottom line improvements and enhanced customer interactions.
Verify-1® is just the beginning of a complete returns management solution
Verify-1® is a powerful, proven solution for returns management. Yet it becomes an even greater resource when used in conjunction with The Retail Equation's Receipt VerificationSM and Return Rewards® solutions as a suite. These three innovative products integrate and complement each other seamlessly to form the most advanced and complete returns management solution in the industry.