Recurring Payments
Collect Customer Payments On Time, Every Time.
When you hear the words recurring payments, you may think they apply to payment processing for subscription and membership-based businesses only. But any business that collects prearranged or installment payments will greatly benefit from Wind River’s recurring payments. Examples include:
- Non-profits
- Healthcare providers
- Insurance companies
- Education and online courses
- Rentals and property management
What are Recurring Payments?
This is a method that allows businesses to automatically collect customer payments at regular intervals. The transaction amounts are usually the same amount each time, such as payment processing for subscriptions, membership fees or installment payments.
How do Recurring Payments Work?
- Your customers provide their payment information (credit/debit card or bank information for ACH payments) and agree to the billing terms.
- Your customers’ account numbers are stored in Wind River’s secure vault rather than on your servers. This ensures a PCI compliant process.
- Customers’ account numbers are converted to tokens and passed back to you for future transactions. This protects your customers’ private data as tokens have no value outside of the payment system.
- Payments are automatically processed per the prearranged billing terms and schedule for each customer.
- Your customers receive confirmation of the automated transaction.
- You receive your customers’ payments on time.
It’s that simple!
Even if you do not have a need for recurring payments, the above process for payment data storage and tokenization can be used to maintain cards on file. This will make it simpler for your customers to make repeat purchases without needing to reenter their payment details.
Uninterrupted Payments with Account Updater
Recurring transactions can easily fail when changes are made to your customers’ credit card information without your knowledge. These changes can include:
- Expiration Dates
- Card Upgrades
- Account Number Updates
- Reissued Cards
- Lost/Stolen Cards
To ensure those payments continue to flow without interruption, Wind River provides an automated card data update service, Account Updater.
Designed especially for businesses with heavy recurring payment processing volume, such as subscriptions and memberships, Account Updater automatically updates the cardholder’s information whenever it changes. Regardless of when the billing cycle takes place, card numbers and expiration dates will be current, thus ensuring that your recurring transactions are processed seamlessly.