Your Wodify Payments account offers several options regarding notifications, fraud protection, and more. In this article, learn how to configure those options to best suit your needs.
Wodify Payments can send an email notification whenever a payout occurs (for more info on payouts, click here), breaking out the charges, refunds, and adjustments that make up that payout, as well as listing out the fees deducted based on your transaction rates.
By clicking the checkbox in the Notifications section, we will turn on these emails for you. You can select any number of users within your environment to receive these email notifications, as well as external email addresses, so you can keep your accountant in the loop (for example) without making them login to Wodify.
If you process payments on a daily basis, these notifications may become “noise”. If you bill your memberships in some time-based fashion, say the first, last, or middle of the month, these notifications become much more useful. There is no information included in these notifications that is not also shown within Wodify, so it’s totally up to your preference whether you enable them or not.
Wodify Payments offers two layers of configuration for fraud prevention: CVV verification, and zip code verification.
Successful CVV verification implies that the user authorizing the payment has their card in hand. A CVV (sometimes called CVC) code is printed on a debit or credit card, but not included in the magnetic stripe data that “card skimmers” may steal.
CVV is becoming an increasingly common layer of protection when processing payments online. If you migrated to Wodify Payments from another payment processor, CVV codes may not have been collected with that payment processor and thus were not imported into your Wodify Payments account. This may result in failed payments due to failed CVV verification.
Successful zip code verification implies that the user authorizing the payment has knowledge about the account tied to the card used. Because zip code is neither printed on a card nor included in the magnetic stripe data, it can be considered a reasonably secure form of verification. Scammers who are personally familiar with a cardholder may be able to guess the cardholder’s zip code, though, meaning that this verification method is not foolproof.
While neither option is perfect, both verification methods can help you to prevent fraud, and in turn, prevent costly chargebacks. It’s up to you to decide whether you will enable one or both of these verification options offered by Wodify Payments.
Bank Account Information
If you change banks or need to update your bank account details for some reason, you can do this easily from within the Wodify Payments account configuration. You can’t use prepaid bank cards as bank account credentials to receive payouts from Wodify Payments.
Customer Billing Statement
You can change the statement that appears on your customer’s credit card bill or account statement when you charge them. Consider putting the name of your gym, so your athletes know what the charge was for. Due to limitations defined by the credit card issuers and banks themselves, this statement may only be 18 characters long. Use them wisely to identify your charges and avoid chargebacks!