Visa Account Updater & MasterCard’s Automatic Billing Updater

Visa and MasterCard recently released similar products: Visa’s Account Updater (VAU) and MasterCard’s Automatic Billing Updater. These products enable the electronic exchange of updated account information among participating merchants, acquirers and Visa/MasterCard card issuers.

By automatically maintaining the accuracy of customer account data, these products prevent disruptions due to account changes. They extend the life of online and offline automatic payment arrangements by helping to secure these ongoing, revenue-generating relationships, all while helping to lock in revenue, reducing processing costs, maintaining service continuity, and strengthening cardholder satisfaction.

Merchant Benefits

• Simplifies and secures account-on-file transactions

• Increases authorization approvals

• Helps increase sales and retain customers

• Reduces the costs associated with contacting customers to obtain updated information

• Cuts customer service expenses by preventing interruption of payment relationship

• Reduces opportunity for service cancellation

Cardholder Benefits

• Offers a seamless account update process

• Provides uninterrupted service from participating merchants

• Reduces negative experiences caused by declines

 

Visa Account Updater

BCMS Check 180

 

MasterCard Automatic Billing Updater

BCMS Check 180

Read more about the Visa Account Updater and the MasterCard Automatic Billing Updater to learn how they work.

For additional details and how you can enroll, please contact BCMS at (877) 861-8008.

Can You Benefit from B2B/B2G Level III Processing?

Do you currently accept payments from other businesses or Government agencies? Are you a manufacturer or distributor? If so, your account should be established as a Level III Processing account, not as a retail merchant account. Nearly 100% of businesses are set up as “retail,” which results in 30 to 50% higher costs to process commercial and purchasing cards.

Why do retail merchants pay higher fees than B2B/B2G merchants to process the exact same credit card and transaction?

Level 3 Processing for B2B and B2G BusinessesThe average storefront retail merchant processes credit cards by swiping the card at the point-of-sale.  This payment processing environment is referred to as card present or swiped.  Swiping a credit card is considered a low risk transaction. Because the physical credit card is there, you can request ID and compare signatures if you choose (less risk).

When a retail merchant types in a credit card number (like a B2B/B2G, manufacturer or distributor typically does), it’s processed as a keyed or card-not-present transaction. The cost to process keyed/card-not-present transactions goes up significantly. The cost to process credit cards increases along with the risk and/or costly programs associated with specific card types (rewards, detailed procurement reporting, etc.).

MasterCard, Visa, American Express, and Discover all provide drastically lower interchange rates (for substantial savings) for merchants properly set up as B2B and processing Commercial Cards.

How do I know if  I am processing as a retail or a B2B/B2G account?  

Contact Banc Certified Merchant Services to get a FREE ANALYSIS of your current processing rates. We guarantee that we can lower your rates or else we will give you $1,000!