What is Account Updater?
Account Updater automatically updates consumer card information across all systems that store card data. Every two weeks, this service checks for credit cards processed against a subscriber database, and when transactions are returned denied, the system requests the new card information and updates it.
Account updater services are quickly becoming a vital part of a merchant’s tech stack as they streamline the process of identifying and correcting invalid card data before it becomes time-consuming and costly.
Without Account Updater service, merchants must invest time in following up with declined transactions. It also means that payment for the service is overdue to the merchant, interfering with monthly cash flow. Additionally, the consumer may temporarily lose access to the service and have less satisfaction with it.
The Benefits of an Account Updater
Account Updater bridges the gap when a bank updates a card or account and a merchant plans to charge that account. Automatically updating card information results in:
- Reduced Costs of Declined Transactions
Credit card companies charge fees whether a transaction is approved or declined. This means that merchants are paying for declined transactions unnecessarily — especially when an Account Updater service could have identified and rectified invalid data before it became an issue.
- Decreased Time Tracking Down Information
To collect the payment due, a business’s accounts receivable or collections staff needs to spend time trying to connect with clients to provide updated information.
- Secure Information Transfer
By implementing Account Updater, merchants can have peace of mind knowing that the data is transferred securely.
- Payments Stay in the Background
Set-it-and-forget-it payments are convenient and efficient for both parties, but merchants often benefit from the “forget it” aspect of these recurring payments when consumers lose track of the subscriptions they are paying for. Any interruption or attention brought to a consumer regarding their subscription services places the business at risk for cancelation. Consumers may find the hassle of updating their card information isn’t worth the time they spend using the service. Consumers may not realize they are still paying for a service they no longer need. Or, consumers may be irritated with the inconvenience and cancel services due to dissatisfaction. Merchants using an Account Updater service help mitigate the risk of cancelation while providing consumers with the convenience they expect.
A Value-Add That’s Accessible and Easy to Implement
Account Updater services work with all four major credit card brands, though the exact methods vary across each. Additionally, Datacap Systems offers this service to its partners and clients. The bottom line is that it is easier than ever to provide merchants with an Account Updater solution and help them to save time and money.
Merchants don’t want to be caught in the costly and time-consuming spiral of dealing with outdated payment data. ISVs and VARs can provide extra value to merchants by making Account Updater services part of the total solutions you offer. Contact Datacap Systems to learn how.