Paysafe Partners with Vindicia to Boost Recurring Billing

Global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider Paysafe has partnered with Vindicia to enhance the recurring transactions revenue of its customers.

With this partnership, Paysafe will integrate Vindicia's solution Vindicia Select with its Payment Processing and Merchant Acquiring solutions.

According to the firm, this will benefit merchants who transact with consumers on a recurring basis and experience frequent loss of revenue and customers as a result of credit card declines in ‘Card Not Present’ transactions.

Amdocs-owned Vindicia, which offers subscription management solution with Vindicia Select, will automatically evaluate declined transactions, understand the reason for the decline, and, where relevant, apply proprietary business rules and logic that enable the transactions to be processed successfully.

Commenting on this development, Andrea Dunlop, CEO of Merchant Acquiring, said: “The subscription economy is booming, but has its challenges when it comes to billing. By making it easy for consumers to make recurring payments, merchants can achieve greater recurring revenue, and focus on what matters – innovation and creating products. Vindicia’s renowned capabilities perfectly complement the breadth of payment types that merchants can process on the Paysafe platform - it’s the ideal fit for all parties.”

Isle of Man-headquartered Paysafe provides merchant oriented payment solutions with a diverse and efficient means of accepting payments from around the globe.

Expansion Goals

Last year, to expand its North American market hold, Paysafe acquired US-based payment providing firm iPayment Holdings.

Moreover, the firm recently hired a former Mastercard executive to handle its global expansion.

“Merchants and retailers are constantly innovating, creating new services, products, and offerings to attract and retain customers. Failed payment card transactions are frustrating for both the merchant and consumer, and by partnering with Paysafe, Vindicia is helping to enable seamless customer experiences while increasing ongoing revenue streams and reducing churn,” said Anthony Goonetilleke, group president of media, network, and technology at Amdocs.