The Green Sheet Online Edition
August 11, 2014 • Issue 14:08:01
Recurring payments, no problem
According to recent cardholder statistics, 30 percent of all cardholder accounts undergo changes to account numbers or expiration dates each year. For merchants who rely on stored customer payment information for recurring billing, auto-shipments or subscriptions as a business model, how they manage critical cardholder data can mean the difference between success and failure.
Without a reliable method to maintain current account information, transaction decline rates and associated costs can quickly add up. ProPay Inc., a wholly owned subsidiary of payment processor Total System Services Inc., developed and launched ProPay EnsureBill to remedy this problem. Through ProPay's payment processing platform, this account updater solution accurately reflects up-to-date customer payment card data for all major card brands, ProPay said.
"EnsureBill can have a significant impact on a company's top and bottom lines," said Ryan Oakes, Vice President of Products at ProPay. "Reducing card declines on monthly billing can lead to improved approval rates and reduce the time and cost associated with manually contacting customers to get updated payment card information."
The added benefit to customers is continuity of service, since missed payments caused by inaccurate information on file are no longer an issue. "By delivering uninterrupted service, companies are likely to maintain revenues and improve customer retention," Oakes noted. When cardholders are contacted to update account information, merchants run the risk of payment switching or service cancellation.
Additional benefits of ProPay EnsureBill include:
- Fewer declines translates into increased revenue.
- Automatic updates reduce customer service costs.
- Account update process is transparent.
- Uninterrupted service boosts customer retention.
- Platform integration simplifies the account update process.
EnsureBill account updater is offered as part of ProPay's end-to-end payment security suite. The company, which is focused on offering secure, affordable payment solutions, noted that its current clients include a number of organizations ranging from the small, home-based entrepreneur to multibillion-dollar corporations.
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