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New: Maintain Payment Continuity With ModMed Pay’s Automatic ‘Card on File’ Updates

Automatic 'Card on File' Updates

ModMed Pay checks for updated patient credit and debit cards

ModMed® is pleased to announce the release of real-time “card on file” account updating, a new ModMed Pay feature designed to help cards on file stay current.

How It Works

Here’s what happens when the practice tries to process a card-on-file payment, including AutoPay or payment plans:

  1. If a card-on-file payment is declined, ModMed Pay checks with the issuing bank for updated card details.
  2. If new card information is found, it’s updated.
  3. The payment is retried, without any user involvement.

Why It Matters

Even when payments are automated, practices may struggle to maintain consistent on-time payments. That’s because consumers change credit card numbers on a regular basis. Cards get lost, stolen or expire — and not everyone remembers to update their cards with vendors they use regularly. This is why more than 6% of “cards on file” are declined monthly.*

Declined payments present a hassle for medical practices. Missed payments can impact revenue and cash flow. Tracking down updates manually takes time and effort. The unpredictability of declined payments can create a cascade of other impacts, diverting staff attention from planned workloads.

Simplify payments with ModMed Pay

With ModMed Pay, you can mitigate the risk of payment delays and disruptions. Patients may appreciate your support in staying on track, too — especially if they’ve just been through an ordeal of replacing a card unexpectedly.

ModMed Pay also offers your patients multiple ways to pay, while helping to streamline your practice’s ability to manage financial transactions. Other ways ModMed Pay can help your practice include:

  • Patient payment options like Text-to-Pay, online Quick Pay, Patient Portal payments, ModMed Kiosk payments, payment plans and autopay
  • Automatically synced transactions across Practice Management and patient accounts for greater accuracy and reduced data entry
  • Real-time transaction status updates from a centralized payment dashboard that lets you see and learn more about your billing scenarios

Discover how ModMed Pay can help you conduct transactions smoothly and effortlessly. For more on how to get started, book a demo.

*“A new Account Updater — for buying in real time,” Adyen (2018 June 6).

This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.