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Overview
Introduction
Our Recurring Card Payment (RCP) system has been specifically developed to provide a solution for institutions requiring the ability to securely store and process credit and debit cards. The system can be used in a number of ways to process ad hoc, instalment or recurring payments. It can therefore also be used as a viable alternative to post-dated cheques by allowing the set up of a one-off date-specific payment using a credit or debit card.
The system features a secure web-based administration tool to allow administrators to create and amend payment instructions, generate correspondence and view reports.
Typically a web front-end is also implemented to allow payers to set up payment instructions without requiring any intervention from staff. The web front-end can either be provided in a stand-alone form or integrated with the Card Payment Gateway to also allow real-time card payments. Payers can set up plans based on pre-defined plan templates which can use either pre-defined dates and payment splitting or using dynamic logic. For example; allowing a parent to set up a payment instruction for their son or daughter’s accommodation fees which will be collected via three payments on 1st November, 1st February and 1st April respectively with the full amount being split evenly between the three instalments.
The system can be used to process different payment types, including fixed instalments such as tuition or accommodation fees, as well as recurring payments such as subscriptions (e.g. for a sports centre or magazine) or donations. This is in addition to setting up and processing one-off and ad hoc payments on a card which does not necessarily have to be related to a specific debt.
The system can also cater for the automated update of payment plan instalment amounts dependent on the user’s current debt. This means that it can respond to changes in, for example, tuition and accommodation fee balances in cases where a partial payment is made by alternative methods, a tuition fee is reassessed or a student moves accommodation to a different rate band.
The system is based on tackling, and either removing or reducing the impact of, the issues institutions traditionally face with recurring card payments.
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SOLUTION |
Security
The security issues with holding card details in hard copy or electronic form.
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Our managed solution stores card details in an encrypted form removing risk from the University and conforms to the Payment Card Security Industry data security standard.
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Administration
Traditionally there are a number of manual tasks white equate to a significant administration overhead:
- The collection and entry of payment details
- The ongoing amendment of payment details and amounts
- The often manual processing of payments, including trying cards more than once and dealing with expired cards
- Creation of any ensuing correspondence
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Out solution provides the facility for users to enter their payment details directly via the web and authorises them in real-time. We also manage the payment collection process and can automate the generation of correspondence ensuring from it. The only substantive administration task left is chasing payments which have failed, even after automatically requesting new payment details from the payer.
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Third Party Costs
There is often a requirement for additional card processing terminals, the cost of hiring in temporary staff and potentially the cost of specific software to process recurring card payments.
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There is no requirement for additional hardware or software as transactions can be processed through the same merchant account as “real-time” card payments.
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 wpminternet.com
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CONTACT US +44 (0) 844 264 1580