Veras Retail Announces New Customer-Centric Loss Prevention Features in Its Leading Point-of-Sale Solution
The Integration of Appriss Retail’s Verify Solution with Veras CheckOut 10.2 Reduces Return Fraud and Abuse While Improving the Customer Experience
Veras Retail, a leading provider of fixed and mobile point-of-sale, inventory, cross-channel execution and CRM software solutions, announced the release of Veras CheckOut 10.2. This release includes integration with solutions from Appriss Retail, the industry leader in retail performance improvement, to deliver significant ROI for retailers looking to improve customer service at the point-of-return.
Integration with Appriss Retail’s innovative return authorization technology, Verify®, is now available in the latest version of Veras Retail’s leading point-of-sale solution. Veras CheckOut offers a powerful pricing engine, enterprise-wide visibility into inventory levels, and the ability to access customer information and orders across all selling channels. Users at the retailer’s headquarters benefit from real-time access to POS transaction information.
Estimates of return fraud and abuse in the United States run as high as $24 billion per year, according to a 2018 report. For every $100 in returns, fraud and abuse costs retailers up to $6.50 in losses. The negative impact on a retailer’s bottom line is undeniable, but the combined Veras Retail and Appriss Retail offering provides a powerful and cost-effective solution to improve the return experience and combat fraud.
Appriss Retail’s Verify solution uses actual, individual consumer behavior data to render a fair, objective decision to accept, warn or deny merchandise returns. The retailer no longer needs to rely on simple rules or subjective observations and guesswork by sales clerks. Verify is designed to distinguish and deter the one percent of consumers whose behaviors mimic return fraud or abuse. This creates a positive customer experience, since retailers can quickly approve all legitimate returns, while addressing only those consumers that present with highly suspect return-and-exchange behavior.
Veras CheckOut 10.2 also provides functionality to address a common friction point between loss prevention and customer service by allowing manager overrides to be deferred until the end of the transaction – or even approved remotely from a mobile device. This capability allows retailers to tailor their security policy in such a way that customers need not be inconvenienced by application of anti-fraud controls at the point-of-sale.
Bruce Herrier, Vice President of Veras Retail, said, “The balance between providing frictionless customer service and ensuring loss prevention has always been challenging for retailers. We feel that the new features in Veras CheckOut 10.2 give retailers the tools to strike a perfect balance between those two key business drivers and bring tangible ROI. For many customers, implementing Veras CheckOut 10.2 with Appriss Retail’s Verify can pay for itself within the first year of implementation.”