PayPros Decline Minimizer Automatically Reduces Declined Recurring Payments
PayPros, the industry leader for integrated payment processing, announces the general availability of PayPros Decline Minimizer, a completely automated card updating service that significantly minimizes the impact of declined transactions. Utilizing the PayPros Innovo platform, this service can be easily integrated into any software application, and does not require the transfer of sensitive card data, nor manual processes, by the business.
Benefits for Businesses
Businesses relying on recurring payments regularly experience declines due to new card issuance from lost, stolen or expired cards. Every month, operations must track down declined transactions, resulting in added costs, negative cash flow impact and lost revenue due to cancellations (occurring when businesses contact customers for card updates). Card declines can disrupt services, product delivery and customer relations.
PayPros recently concluded a survey of 230 businesses accepting recurring payments, highlighting the true cost of declined transactions.
Some key findings:
- $8,069 = the average monthly value of delayed and lost payments
- $271.26 = additional monthly costs to track down updated card data (wages, time, supplies)
- $612.70 = average monthly revenue never recovered due to declined transactions
Benefits for Software Developers
PayPros Decline Minimizer represents a significant opportunity to add automated card update capabilities to any application effortlessly. To take full advantage of PayPros Decline Minimizer, developers need only use the PayPros Managed Payer Data vault and a simple API for updating truncated card information stored in the applications. Developers will find their products differentiated, resulting in improved customer retention, more maintenance and upgrade revenue opportunities, and higher adoption of integrated payment solutions.
"PayPros Decline Minimizer is unlike any other account updating service on the market," states PayPros President, Eddie Myers. "Our service operates behind the scenes, automatically updating card data. The business owner does not need to think about it, but will see line-item benefits almost immediately."
Orion Wine Software, a leading solution for wineries and wine clubs, integrated PayPros Decline Minimizer, and their customers are reaping the benefits. General Manager, Jay Hall, explains, "Once our customers began using Decline Minimizer, it became an invaluable part of their operations. Decline Minimizer has given us differentiation in the market and has certainly improved customer retention."
To request a white paper featuring the results from PayPros' survey, "The Real Cost of Declined Recurring Transactions," visit www.paypros.com/realcost.
PayPros is a payments technology company, dedicated to delivering innovative and profitable integrated payments solutions. Our belief is that payments should add value to software applications, resulting in better solutions for developers and their customers. It's what we mean by "Software Differentiation Through Payment Innovation." The PayPros Innovo technology platform is the backbone of this vision, delivering payment applications that support new technologies and allow for custom software solutions. This unique approach to payments is why-since 1995-more than 1,700 partners and 55,000 businesses have turned to PayPros. For more information, visit www.paypros.com.