Valista, the leading provider of merchandizing, payments and settlement solutions accelerating and automating digital commerce, today announced the enhancement of Valista's Stored Value module.
The improved Stored Value now includes automatic top-up, value expiration and funds reservation which provides users with a more convenient, flexible payment solution, while minimizing payment risks and the processing costs of low value transactions for merchants, mobile operators, ISPs and broadband service providers.
With the growth of digital communities and virtual gaming, stored value accounts have gained popularity as an important offering for merchants, mobile operators and ISPs due to their ability to secure funds in advance of purchase using a prepaid model which is accessible to a wide portion of the market. Valista's PaymentsPlus Stored Value is a prepaid account that provides payment processors with a low-integration, low-risk, low-cost payment solution. Users can have multiple accounts and each account can hold any type of currency, including virtual currencies such as loyalty and game points.
The Valista PaymentsPlus Stored Value includes new features such as automatic reloading, value expiration, and funds reservation. Automatic reloading provides users the flexibility to automatically add funds into a stored value account once the account goes below a pre-determined balance. By automating the reloading process, the procedure is simplified for the user while increasing the likelihood of successful transactions and reducing operational overhead for the processor. In some cases transactions using a prepaid system fail over 60% of the time due to insufficient balance. Automatic reloading significantly reduces this because it can reload during a purchase. Processors can also configure value expiration dates within a user's Stored Value, motivating consumers to continually spend their stored currency or allowing the processor to claim unused balances as profit.
Valista's Stored Value also supports funds reservation which allows operators to confirm the availability of funds in a customer's account prior to the delivery of content. This provides both merchants and operators a guarantee of payment before completion of a purchase, ensuring that all parties will be paid appropriately.
While other stored value accounts function in a closed system, PaymentsPlus Stored Value simplifies the stored value solution such that it functions similar to any traditional form of payment in regards to payment authorization and confirmation. Using this open model, PaymentsPlus can process low-value transactions against the users stored value account and higher value transactions against another payment method such as credit card. The new features provide a seamless purchasing process for consumers, while also ensuring that each party involved in the transaction is paid appropriately.
"Stored Value Accounts enable companies to expand their customer base by tapping into the unbanked market while simultaneously enabling lower value payments, minimizing non-payment risk and reducing processing costs," said Mark Denton, director of product management, Valista. "The new features of PaymentsPlus Stored Value provide tools for companies to extend their payment offerings and take advantage of opportunities in gaming and online communities through the use of low value payments, promotional and loyalty programs."