ST. PETERSBURG, Fla.—Velera has introduced its Card on File solution, which enables cardholders to seamlessly update payment methods across more than 115 merchants.
Now commonplace in the increasingly digital age, card on file transactions are those made using cardholders’ stored account credentials to execute purchases with authorized merchants, often for recurring or subscription payments, Velera noted.
Available through Velera’s DX Online and DX Mobile platforms, along with APIs, Card on File will provide credit unions with the ability for cardholders to push new or updated credentials to merchants, allowing for real-time updates and eliminating the need for cardholders to go into each account and update their credentials directly – a key source of dissatisfaction in critical moments when outdated cards on file lead to lost transactions. In addition, by putting cardholders in full control of recurring online payments, members should see a reduction in card declines and missed payments, Velera said.
Frictionless Experiences
“Velera’s Card on File product provides a direct answer to a key pain point among cardholders, who are conditioned to expect frictionless digital and mobile experiences – whether from e-commerce service providers like Amazon and Netflix or from their trusted financial institution partner,” said Cody Banks, SVP, product experience and enablement, Velera. “This solution will help credit unions deliver a comprehensive and user-friendly cardholder experience, relieving the burden of replacing cards on file and ultimately increasing member satisfaction to earn top- and share-of-wallet status, alongside strengthened loyalty.”
Beyond the key member benefits of this solution, Card on File also has the potential to increase credit unions’ transaction volume, Velera added.
“Once members experience the ease and convenience of Card on File, they will likely choose to keep their credit union-issued card on file with other merchants moving forward, generating increases in revenue from interchange, interest and member lifetime value,” the CUSO said.
Velera’s Card on File solution is now available to financial institutions through DX Online and DX Mobile.