GS Logo
The Green Sheet, Inc

Please Log in

A Thing
View Archives

View flipbook of this issue

Care to Share?


Table of Contents

Lead Story

Growing mobile adoption puts security center stage

News

Industry Update

Apple Pay may set mobile payment security standard

Alibaba IPO takes investors on magic carpet ride

eBay to unleash PayPal in 2015

Features

Retailers mobile-ize

Views

Check out Visa

Ken Musante
Eureka Payments LLC

Prepaid debit wins over newly affluent

Patti Murphy
ProScribes Inc.

How Apple Pay will affect ISOs and the card brands

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
Bitcoin: Passing fad or dangerously disruptive?

Tom Waters and Ben Abel
Bank Associates Merchant Services

How to grow your business with referrals

Michael Gavin
Merchant Warehouse

Processor contract terms impacting portfolio values

Scott Calliham
First Annapolis Consulting

Pay attention, limit attrition

Jeff Fortney
Clearent LLC

Company Profile

Instant Credit Manager

New Products

Merchant applications made simple

BankCardApp
Electronic Payments Inc.

Power boost for recurring payments

Update XP
Meritus Payment Solutions

Inspiration

Ancient wisdom for today's payment pros

Departments

Readers Speak

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

October 13, 2014  •  Issue 14:10:01

previous next

New Products

Power boost for recurring payments

Product: Update XP

Meritus Payment Solutions recently expanded its Payment Card Industry Data Security Standard-compliant global payment platform with the addition of Update XP, an account updater service for recurring payments. For businesses that rely on recurring billing, installment or subscription payments, having outdated account information on file is a leading cause for nonpayment. In the past, updating accounts involved contacting customers and manually inputting the data, but not any more, Meritus said.

"For businesses that process recurring-based transactions, keeping up-to-date card information can be especially challenging," said Alan Kleinman, Principal of Meritus, noting that MasterCard Worldwide reported approximately 30 percent of all recurring transactions are declined due to expired card information or account changes.

In developing this new service, Meritus collaborated with the major card companies to electronically exchange up-to-date customer card account information daily. By automating this process, Update XP helps clients reduce business costs associated with manually collecting and entering updated account information.

With Update XP, merchants receive continual updates on customer account changes. "When a consumer receives a new credit card number or their card expires, Update XP will send this data to the merchant upon request," Meritus said.

Because the update process functions transparently and merchants no longer contact customers to update information, Update XP facilitates a more cohesive purchasing experience. In the end, higher customer retention could translate into more revenue for merchants. "Update XP allows merchants to access and recover revenue that would typically decline, empowering them to maximize their sales," Kleinman added.

Additional benefits of Update XP include:

Update XP works in conjunction with Meritus Payment's tokenized XP platform. The platform provides an encrypted and secure payment processing environment and eliminates data vulnerability concerns in card-not-present environments where recurring payments are likely to occur.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

previous next

Spotlight Innovators:

North American Bancard | USAePay | Impact Paysystems | Electronic Merchant Systems