A card account updater service verifies stored card details against bank data, enhancing transaction efficiency and reliability. It's crucial for platforms to ensure merchants receive payments, and for merchants to have seamless payment solutions at the point of sale. Card account updaters are perfect for recurring payments or customers revisiting purchases.
Read the Full ArticleMake your revenue operations predictable and scalable with PayTheory’s Recurring Payments. Easily create subscriptions, payment plans, and securely capture card-on-file payments.
Pay Theory’s platform allows you to leverage recurring payments in 3 powerful ways: Payment Plans, Subscriptions, and Payment-Method-on-File.
Take a prohibitively large transaction and break it down into manageable payments.
Subscription Payments allow for multiple payments without a set end date.
Your customers can save a payment method (bank accounts or cards) to their accounts and increase recurring revenue. We’ll tokenize all the sensitive information to keep data secure and shield you from compliance requirements.
Pay Theory offers a powerful tool to check if stored accounts are still current before running a transaction. We systematically check stored information and run it against the most up-to-date data from the issuing banks (Chase, American Express, Capital One, etc).
Recurring Payments are eligible for Remote Cash Access to address the needs and preferences of the un/underbanked.
Break larger fees into more manageable sizes. Open up your total addressable market while meeting your users where they are.
“Allowing payers to match their payments to their cash flows has improved fee collections and made payments more transparent throughout our district’s ecosystem.”
Easy to code API that allows developers to easily create and manage recurring payments programmatically.
A secure way to allow Partners and Merchants to maintain access to a payment instrument without having to store sensitive card, account, or personally identifiable information.
Sign customers up for subscriptions to products or services with a fixed end date or ongoing until canceled term.
Breakdown large bills into smaller bites by choosing the amount or number of payments. Even make this choice available to the customer.
Beautiful, transparent user interface that makes all recurring payments in a Merchant’s portfolio transparent and easy to manage once set up.
Keep a payment method on file for ongoing fee or billing needs, like at a school for a student’s nutritional payments that are billed at the end of a month or a utility payment that changes in amount each period.
Accept cash for recurring digital payments using barcodes issued to a payer each time a payment is due.
Build payment flows that get you and your customers paid more often. PayTheory’s Recurring Payments infrastructure powers your subscription, payment plan, and card-on-file payments.
A Payment Plan is a given dollar amount, say $100.00, that is broken down into a number of payments such that the $100.00 balance is reduced with each payment. A Payment Plan has a set number of payments and a set end point in time.
A Subscription is an open ended payment schedule for a set amount of money remitted to the merchant on a set schedule, say monthly.
Recurring payments are best set up programmatically as the user interface for setting up the recurring payment is usually through an existing software platform. When a recurring payment is set up, it can be viewed and managed through the Pay Theory portal or programmatically via the Pay Theory API. For more information you can view our recurring payments documentation.
There are no additional costs associated with using recurring payments.
If a payment method is expiring any time in the coming 2 months, it will be flagged to the merchant and to the payor. They will be reminded a number of times before the expiration date via emails from Pay Theory. If the account is then closed or suspended, the next payment will fail and the subscription or payment plan will be suspended until the account returns to good standing either by updating the payment method or changing it.
