DANVERS, Mass., Sept. 26, 2018 /PRNewswire-PRWeb/ -- Payway® announced today that it has been selected by the New Hampshire Union Leader – the largest daily newspaper in New Hampshire — for its Payment Gateway and Merchant Account Services. The Union Leader is also implementing Payway's innovative Account Updater solution.
Founded in 1863, the Union Leader currently has a daily readership of 166,000. Payway's Gateway and Merchant Account Services are being utilized to help the newspaper manage its subscription and advertising payments. The solution went live in early Spring, and, after a successful rollout, the Union Leader added Account Updater in July.
"Payway has decades of experience processing subscription and digital payments, so we knew we had to trust our business to them. From their Gateway and Merchant Services to their Account Updater solution, Payway can handle it all," said Joyce Levesque, treasurer, chief financial officer and vice president Human Resources, New Hampshire Union Leader. "We're excited about all of Payway's solutions, especially Account Updater. Subscription-based businesses like ours, that rely on recurring revenue, can avoid the tedious and costly process of manually updating outdated card information while reducing our decline rate. That's significant in reducing operational expenses."
Payway's Account Updater Solution has a simple, three-step process. First, participating card issuers (banks and other financial institutions) inform Visa or Master Card if a customer's card is expired, the account number is changed, or the account is closed. Next, the Account Updater tool routinely queries Visa and MasterCard for updates such as these, and the revised information is returned upon Payway's request. Finally, Account Updater applies the new account information to the Payway vault, updating that cardholder's token, so it's ready to process the next scheduled recurring payment, without skipping a beat.
"We're excited for the Union Leader to see the results our services and solutions deliver, especially Account Updater. We know getting an initial payment from a customer is a challenge; Keeping those payments running smoothly for future transactions shouldn't have to be," says Daniel Nadeau, co-owner and principal, Payway. "Businesses rely on the 'set it and forget it' cadence of recurring payments. The Union Leader's goals were to reduce churn and keep its profit margins profitable. We are definitely helping with that."
"It would be a significant expense if the Union Leader had to invest in the process of having a staff member identify customers whose cards have expired and call or email each one to obtain the updated information. We take pride in knowing we help our customers eliminate this outdated, manual procedure and reduce their decline rates," added Nadeau.
Payway got its start by processing subscription payments for some of the largest newspaper groups in the country. Their 30 years of expertise is the reason so many industries trust them to process subscription payments of all types.
About Payway®
Payway is an integrated payment processing solution developed by Edgil Associates, a privately owned, Level 1 Service Provider in the payment card industry. The Payway team built its user-friendly payment gateway and merchant services solution to be responsive to the needs of merchants who operate a recurring payment business model, like the many media companies we have served since 1984.
SOURCE Payway
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