Ezypay, a subscription payments provider in Australia has adopted the tokenized payment security technology of Mastercard – MDES (Mastercard Digital Enablement Service for Merchants). Through this tokenization, Ezypay will be able to offer their business customers a stronger collection process and enhanced payment security.
Subscription-based businesses rely extensively on an extended customer lifecycle where cash flow in consistent and payments are collected automatically and in a hassle-free manner. Lost, expired or stolen cards are some of the most common reasons behind payment failures for subscription payments and through this technology by Mastercard, these reasons can be eliminated.
Mastercard’s MDES for Merchants replaces a customer’s information on the physical card, such as the card number and expiry date, with a unique encrypted digital token that is specific to each merchant. The token issued can be updated by the card issuer, authorizing expired, replaced or lost cards to be automatically updated with the merchant. The system immensely improves security of payment data and increases the possibility of a successful transaction.
Ezypay on Mastercard tokenization
James Foster, Chief Executive Officer Ezypay said this technology solves a big problem that businesses with a subscription-based revenue model face when managing the customer lifecycle.
Physical debit and credit cards are prone to be stolen, lost or misplaced and by implementing the MDES for merchants in Australia, Ezypay aims to reduce the impact of such occurrences on their business customers and seamlessly continue to collect customer payments, he adds.
The use of network tokens allows subscription-based businesses to achieve successful payment collection outcomes and more consistently thereby decreasing the need to manually chase users who missed payments. This technology provides a much better experience for customers as well that are less likely to deal with the inconvenience of a failed payment.
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More on the announcement by Ezypay
As they continue to explore new ways to enhance the customer and merchant experience, investing in advanced payment technologies has been a primary focus for Ezypay. As partnerships across sectors such as Childcare, Health and Fitness, Real Estate and Education continue to play a crucial role in the strategic direction of Ezypay, the adoption of network tokenization makes sure that Ezypay’s partners can offer the latest technology to their client base.
Foster says they’re excited to be working with global leader Mastercard on this implementation. Partners and business customers rely on Ezypay to provide them with an advanced and secure subscription payments solution and they are committed to delivering on that, he adds.
Vice President of Business Development and Digital Product, Australasia, Mastercard, Surin Fernando says as consumers increasingly accept subscription-based products, like food delivery and streaming services, it is more imperative than ever to explore ways to enhance customer experience by removing avoidable friction from the checkout process.
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