CashFlows and Acquired.com have partnered in the launch of a card updater service to maximise collections in the consumer lending sector. Both the Mastercard Automatic Billing Updater and Visa Account Updater are available through a single integration.
For customers of Acquired.com, when a successful card update takes place, the existing token reference is updated. An update would take place if cards expire, are lost, stolen or upgraded. Once a card is updated, the customer can then re-process a transaction and collect funds.
This creates a ‘zero-friction’ proposition whereby customers can reduce their back-office collection processes and allows them to maximise collections - estimated by at least 5% - whilst simultaneously minimises collection costs.
CashFlows’ merchants and partners will also receive a response even if the card is not updated. This results in confidence in knowing that they have the most up-to-date details.
“CashFlows is a cloud-based, API-centric payments provider. Solving our customers’ problems and addressing their pain points is central to the way we work, particularly when it comes to driving operational efficiencies. Our Account Updater service ensures there is no disruption to the payments process - ultimately delivering more right-first-time payments, better authorisation rates, and allowing our customers to focus on their core business objectives.” - Jonathan Bennett, chief commercial officer, CashFlows.
“Account Updater, otherwise known as VAU ABU, adds yet another feature to the Acquired.com platform. The solution exists alongside Acquired.com's detailed decline diagnostics, daily settlement, pay-out API and perfect peconciliation reporting suite for no-hassle, to-the-penny recon. Our aim is to enable modern, digital businesses to transact all their payment-related needs via a single payment hub whilst increasing their bottom line.” - Rob Clarke, managing director, Acquired.com.
Account Updater service available now
Regular or recurring payments on cards have historically been popular within the finance, insurance, utility, subscription services and charity sectors. They are easy to set up through various channels (e.g. online, telephone, face-to-face) and then become an easy, set-and-forget way to pay. Customers have peace-of-mind that the company will get paid as agreed and on time, without them having to remember payment schedules or process the payment themselves.
The CashFlows Account Updater service, combining the Mastercard Automatic Billing Updater (ABU) and Visa Account Updater (VAU) solution, is now available to merchants on a single integration through Acquired.com.