WePay recently made two exciting improvements that will save organizations who use their services time, money, and frustration. Classy clients don’t have to do anything for these WePay features to kick in, just read on to find out how they’re helping your organization.
1. Autoupdate Credit Cards for Recurring Payments
An expired or replaced credit card can cost organizations big money. They’re also a huge drain on time.
WePay, a Classy payment processor partner, released a new feature that simply eliminates this frustrating and costly obstacle. WePay’s new auto-update feature checks cards to determine if they will expire soon or are being replaced. Once a card is identified, WePay communicates with the issuing bank to retrieve the new card number, expiration date, and CVV.
It takes precious resources to identify and reach out to recurring donors. With the new WePay improvement, organizations will save recurring gifts otherwise lost to donors who are unresponsive to inquiries about their expired card. The best part: you don’t have to do a thing.
How it Works
Classy has turned this feature on for all WePay clients. WePay runs this card check process automatically, so organizations don’t have to do anything. If WePay cannot update a credit card for some reason, like the user has changed credit companies, the card will expire as normal. As with any machine learning tool, nothing is absolute, so while the feature can’t account for every expired or replaced card, you should see your list of denied recurring credit cards shrink.
2. Smarter Fraud Protection
Credit card thieves love testing stolen cards on donation pages because they’re simpler than e-commerce checkouts and small charges easily fly under the radar. To speed up the process, thieves will write a program that allows them to test hundreds or even thousands of stolen cards in short bursts.
When a consumer suspects credit card fraud, they dispute the charges in question with their bank. If the consumer wins, the result is a chargeback. Unfortunately, chargebacks come with high fees ($15 – $20), a burden carried by the nonprofit. Some organizations spend an hour a day reviewing recent transactions to try to avoid chargeback fees. WePay is getting smarter about preventing fraud that results from small donation, incremental card testing. That means more time and money is left in your organization’s hands.
How it Works
WePay has invested a lot into understanding the warning signs of fraudulent donations. Armed with data, WePay is now using machine learning to better prevent automated card testing and reduce chargebacks for organizations. They look at donation amounts, number of donations in small periods of time, and even social media use to determine fraud risk. This feature means fraudulent transactions won’t be processed in the first place, so you’ll see less chargebacks.
Improvements to WePay help clients prevent payment headaches. To learn more about WePay or find out how to use it with Classy, read what our support team has to say.