"WE HAVE FOUND THEIR PROFESSIONAL KNOWLEDGE AND EXPERIENCE IN THE SPHERE OF INTERNET PAYMENT COLLECTION TO BE INVALUABLE"
Elaine Platts, Senior Clerk Collections, De Montfort University
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WPM Education is fully PSP independent allowing you to use any PSP and select the rates and model that best suit your institution.
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The Recurring Card Payment system has processed in excess of £50 million for Nottingham Trent University.
Read full success storyWPM EDUCATION ACCOUNT UPDATER
WPM Education's Account Updater supports both the Visa Account Updater (VAU) and MasterCard Automatic Billing Updater services which enable the automatic updating of account information electronically from participating issuers.
What is the Visa Account Updater and MasterCard Automatic Billing Updater?
Visa Account Updater and MasterCard Automatic Billing Updater are programs which have been developed by respective card associations to standardise the exchange of updated account information between participating Issuers and Merchants, via the Acquirer network.
Why use an Account Updater?
- Remove the risk of loss of business resulting from failed payments due to changes to card details.
- Ensures all card details are always in date even for customers who are reluctant to spend time providing new details.
- Useful in instances where "card on file" transactions need to be carried out, i.e. where a customer has chosen to store their card details for use in future transactions.
- It covers changes to account numbers and expiration dates resulting from product upgrades, acquisitions and mergers, account closures and portfolio conversions (e.g. MasterCard to Visa or Visa to MasterCard).
The principle benefits are reductions to declines, the surrounding processing overhead, typically a decrease to overall processing costs and increased customer satisfaction.
How does it work?
The Account Updater service connects via your Acquirer, to both the Visa and MasterCard Account Updater services and in turn their respective database of card numbers. This allows a check to be performed to ensure the most up-to-date card details on file are being used before a transaction is processed. This significantly increases the confidence in card details being current and, as more card issuers sign up, transaction failures are due to valid reasons (e.g. insufficient funds) and that back office intervention is further reduced.
In addition to updating card details, in cases where an account has been closed or the cardholder no longer wishes you to continue to use a specific card for collecting payments, this information will also be passed through the Account Updater. This allows the customer to then be proactively contacted to ask for new card details before the payment is attempted.
Why use WPM Education's Account Updater?
The Account Updater functionality from WPM Education helps fulfil the following objectives:
Reducing operational and back office costs
The Account Updater service will help reduce the amount of calls you receive and have to make with regards to card payment details, thereby saving you time and money. Greater accuracy during authorisation also reduces the amount of administration related to failed or disputed transactions.
Securing renewal revenues from existing customers
In instances where renewals for services, memberships, donations etc. are processed the Account Updater service helps to boost renewal rates by automating the payment and renewals process for customers paying by Visa or MasterCard. Generally, it is seven to nine times more expensive to recruit a new customer than secure repeat business from an existing one.
Responding to customer demand
The proposition to consumers of recurring or instalment paying on a Visa or MasterCard card is very strong. It is convenient to set up and happens automatically thereafter. Consumers can set up a payment plan either face-to-face or remotely on the internet, by telephone or mail order - whatever fits with your existing processes today. They can then be rest assured that you will get paid as agreed and on time.
Benefiting from prompt payment
You can accept payment from a Visa or MasterCard cardholder, safe in the knowledge that (providing you have followed correct procedures specified by your bank) you will receive payment promptly and securely to your bank account. This enhances your cash flow.