When 20-30% of automated recurring payments can come back declined, why not update your cards-on-file before they decline?1
Declined recurring payments can be costly and damaging to your relationship with your cardholders. With our Account Updater solution you can automatically check the expiration date of your Visa® or Mastercard® cards-on-file before you process them – enabling you to proceed with business-as-usual instead of dealing with the hassle of resolving unexpectedly declined payments. Whether it’s an expiration date or a new card number, changes in a cardholder’s information can have cascading impacts on all recurring payments tied to that card.
The Account Updater Advantage
- Increase Sales and Retention. Recurring payments are made without delay in payment or declines – maintaining the relationship between you and your cardholders and reducing the risk of customer attrition.
- Reduce Your Costs. The costs associated with manual updates to cardholder information after a declined recurring payment – such as calling, mailing and emailing – are reduced through automatic account updates for Visa and Mastercard cardholders.
- Reduce Operating and Processing Costs. The reduction in declined transactions reduces the operating and processing costs associated with each attempt at a declined recurring payment.
Benefits to Cardholders
- Improved Cardholder Satisfaction. Cardholder satisfaction is improved through transparent and convenient account updates to all registered recurring payment or card-on-file cardholders. The automatic account updates prevent declined payments and late payment fees, further improving cardholder satisfaction.
- Easy and Convenient Account Updates. Account Updater provides uninterrupted service to cardholders whose card-on-file information has been automatically updated.
1 Pesek, 2015. https://www.cds-global.com/blog/the-benefits-of-automatic-recurring-payments