Introducing the LoanPaymentPro Visa® Account Updater (VAU) and Mastercard Automatic Billing Updater (ABU): Ending the practice of manually updating their card information when it expires or gets replaced!
Through LoanPaymentPro, lenders can now enhance both of the disbursement and repayment experiences for borrowers that use their debit card. Lenders can now take advantage of a new program offered through Visa and Mastercard, called Visa Account Updater (VAU) and Mastercard’s Automatic Billing Updater (ABU).
Visa and Mastercard will automatically, and securely, send your customer's updated card number and expiration date to participating VAU/ABU merchants, where there are established, recurring payments.
Merchant Benefits of VAU/ABU include:
-Increased payment success rates for recurring billing (increase authorization approvals)
-Offering your borrower/cardholder a simplified interaction when updating the card on file
-Reduces customer interactions and obtain the card-holder's PAN and card info automatically
-At least a third of all card-not-present declines could be prevented using VAU/ABU on average
Cardholder Benefits of VAU/ABU include:
-Less chance of interrupted service with participating merchants
-Reduced risk of their payments being disrupted due to out-of-date card information
