The Skinny on Getting Full on Payments with FieldRoutes Now with Account Updater Technology
Let’s face it … If you aren’t getting paid, your pest control business is in trouble.
But not only do you want to get paid, but you also want to get paid well. If you’re wondering what it looks like to get paid well and how to go about making that happen, you’re in the right place. Getting paid well means improved collection efforts and getting paid on time.
Digital (non-cash) payments aren’t going anywhere. Over the next four years, the digital payments market is set to reach $10.5 trillion in transaction value. Only halfway into 2021, transaction value has jumped by 22% to over $6.6 trillion. You can’t afford for your business to be left out in the cold when it comes to this hot market.
What if there was a payment platform that was more effective than going through a third party, had easy-to-understand rates that eliminate customer confusion, and integrated seamlessly with the FieldRoutes® platform? The good news is that there is.
Just like most other types of technology, payments technology is evolving, and FieldRoutes is at the forefront. Traditional merchant payment processing can be a complicated process. It involves handing things off to third parties, which is a slow and often paper-based approval process. Onboarding can take weeks between the gateway, processor, and bank. And that doesn’t even guarantee that there will be a true match. As a result of disconnected information, manual work often has to be done.
What are Integrated Payments?
FieldRoutes® Payments addresses all of those issues to simplify the process from beginning to end. Based on feedback from customers, we built a deeper integration for payment processing into the FieldRoutes software. This deep integration automates many manual processes and reduces the operational costs involved in supporting multiple merchant processor relationships for card and ACH payments. In addition, your customers gain access to mobile payment processing, important notifications, automated payment reminders, and more.
Understanding rates is a common issue in the payments industry. Companies will offer a very low “base” rate and add additional miscellaneous fees to ensure that your “real” rate is much higher. They hide these fees all over the statements, and this, unfortunately, is very confusing and makes it difficult to know what you’re really paying. The FieldRoutes Payments system is designed to give you one rate, making it simple to know exactly what you are paying. We’re keeping pricing simple by basing rates on concrete factors. These include:
- How much card volume you process
- The types of credit cards and debit cards you typically process
- Merchant risk factors, like the number of chargebacks or other merchant disputes
Continue to Grow Your Business
There is a single payment processing connection to the FieldRoutes software. This means we can implement feedback from customers and the latest capabilities in payment processing directly to the platform. This allows new features and functionality to be added to the solution quickly for all customers to benefit from. If a customer would like to see a feature updated or new functionality added to the payment processing solution, in the past, that meant we had to make software changes specifically for each of several payment processors. This was neither time nor cost-effective for all FieldRoutes customers to benefit from. With FieldRoutes now controlling this process, all customers benefit, and the time and cost are reduced.
Meanwhile, you eliminate time-consuming manual processes and improve payment collection activities without adding to your bottom line. Automatically update lost or stolen credit cards, send automated payment reminders to your customers, and take advantage of the latest payment innovations.
Businesses like yours and your customers are increasingly adopting card-on-file (COF) payments. When customers store card information with merchants, it’s easy to make online purchases and set up recurring payments for subscriptions. In fact, three out of four consumers worldwide have cards stored on file with a merchant of some type. This is because, with COF arrangements, customers enjoy a seamless payment checkout experience. But, there is a problem. Payment credentials can frequently change for various reasons such as:
- Account closure
- Card reported lost or stolen
- Reported fraud
- Expiration date changes
- Card upgrades
- Issuer portfolio conversion
Just like you, customers are busy. They often forget to update merchants with what is going on with their cards. As a result, transactions are declined, the customers feel as though they have a negative experience, and you often lose business. And if the customer does decide to stay, your costs increase as you try to get updated information. You may have to attempt contacting a customer two to three times to get the new information with a cost of both time and money, with the average dollar amount lost being $50. When these updates happen, and payment card information becomes outdated, it can lead to declined transactions and cardholder inconvenience—and ultimately introduce the risks of service cancellation, customer dissatisfaction, lost sales, and severed cardholder relationships.
FieldRoutes Payments provides the solution to all of these issues with the Account Updater feature. When payment credentials change, they are automatically updated without worry to you or your customers. Payments keep flowing without interruption, and you can focus on growing your business. Pest control companies achieve customer service cost savings, increased sales, more approved transactions, and higher levels of customer satisfaction.
Monthly, FieldRoutes will send all the payment cards stored and associated with customers to the card brands. The card brands will send those cards to the issuing banks asking if there have been any updates. If there has been an update, the issuing bank will respond to the card brands, and the card brands will, in turn, update FieldRoutes. There is no charge for payment cards that do not come back with an update. There is only a charge for the cards that were successfully updated.
Our commitment to innovation is unrivaled in the industry. FieldRoutes Payments is designed to get you paid on time and to make the entire process easy for both you and your customers. We do the heavy lifting so you can focus on growing and scaling your business and simplifying your life.