Stop Interruptions to Recurring Payments Due to Out-of-Date Card Information
Sponsored by CardConnect
April 21, 2021
Enabling a service on your merchant account to monitor customer payment accounts on a continual basis, to determine if the saved card data has become obsolete, will help you get in front of potential problems with expired cards and other causes of payment interruption. Some of the most common reasons that cause a customer's card data to become obsolete include:
- A new card is issued due to suspected or confirmed fraud,
- A replacement card is issued with an updated expiration date,
- The account transitions to a different class or tier of card that requires a change in account number.
Whether you offer a subscription service or use recurring payment solutions for your business, you know how frustrating it can be to see transactions decline. Using an automatic updater to retrieve new card data can help your business to:
- Update stored customer payment details with new data, without ever involving the cardholder
- Stabilize and maintain cashflow by reducing late and declined payments
- Reduce involuntary churn caused by expired cards or new account numbers
- Reduce efforts and costs associated with merchant outreach due to outdated payment information
- Improve customer satisfaction by avoiding interruptions in products and services as a result of nonpayment
Ready to take the headache out of cardholder updates?
Card Account Updater Is Your Solution
Card Account Updater is a feature embedded directly in CardPointe that automatically identifies Visa, Mastercard, and Discover cards that have been replaced with a new card number or expiration date and updates your stored customer payment details with the new card data – helping you avoid failed transactions or gaps in services provided to your customers.
When the Card Account Updater service receives updated card information from Visa, Mastercard, or Discover, stored customer payment information is automatically updated with the new details, and can be used for any individual payments made using the CardPointe Virtual Terminal, or used for any upcoming scheduled payments that are part of a billing plan.
CardConnect provides seamless credit card payment integration services for all businesses, protected by powerful security solutions. Click here
to learn more.
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