Payway’s New Software Update Provides Decline Code and Retry Advice
Insights will help customers create optimal payment retry strategies to save money and comply with Visa regulations
Danvers, MA – May 9, 2023 – Payway®, an integrated payment processing solution, announced today a software feature updates to its Payway Web Services offering that will include decline codes, declined reasons and retry advice.
Payway’s software delivers customers valuable insight and creates a competitive advantage over other payment processors in the industry as it will now provide organizations with universal decline reasons about specific decline codes — mapping them to common decline reasons such as whether an account is closed, there are insufficient funds, it is an expired card or even a stolen card.
The data provided will also help businesses comply with Visa’s Excessive Reattempts Rule which if not met, is subject to excessive reattempt fees per transaction.
“We’ve taken some of the mystery out of decline codes and reengineered how companies can dictate their retry procedures based on real-time data,” said Daniel Nadeau, CEO and founder, Payway. “This helps organizations save significant time, resources and OPEX — and will support businesses with their overall payment retry strategy.”
Using decline code and retry advice, businesses can now create an optimal payment retry strategy for every transaction. The customer can decide what transactions to retry or not retry, having more clarity into decline codes, and being able to generate a declined transaction report with detailed reasons.
“Retries are costly. With new insight into decline reasons and retry advice, customers can now decide if they want to keep retrying the transaction or they can decide to stop,” said Kimberly Miller, executive vice president of strategy and operations, Payway. “Customers no longer have to spend valuable time and resources trying to determine why transactions were declined.”
Payway is a proven payment service provider that helps card-not-present and subscription businesses simplify and accelerate transaction processing leading to improved cash flow and significantly lowering the costs associated with accepting recurring payments.
Payway has decades of experience in managing card-not-present payments and provides their customers the most up-to-date security features. Payway built their user-friendly payment processing solution to be responsive to the needs of organizations who operate a recurring payment business model, like the many publishing and media companies they’ve served since 1984. For more information, visit payway.com.
Erin Farrell Talbot
Farrell Talbot Consulting, Inc.