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Why ISVs Should Support Credit Card Updater

Card Account UpdaterWith inflation driving up operating costs and creating uncertainty among consumers, businesses are making efficiency a priority in 2024. One area in which ISVs can help their clients trim the fat is by partnering to offer a credit card account updater service.

A Must for the Subscription Economy

Merchants looking for an effective way to build recurring revenue is through subscriptions. More businesses are giving their customers the convenience of setting up automatic reordering for everything from traditional subscriptions to more innovative ideas like personalized apparel. However, the concept only works efficiently if the card data the customer has on file is current.

Of the more than $145 billion worth of online subscription purchases declined annually, only one out of every 13 declined transactions is related to fraud. The rest are due to expired cards or incorrectly entered credit card numbers.

When recurring transactions are declined, it costs the business money, both from the hard costs of fees incurred as well as the soft costs of support and admin personnel having to call customers to update information and track down payment for products or services that may already have been delivered.

While some merchants may have automated communications that inform customers that they will need to update payment information within their accounts, the business is still at the mercy of the consumer’s urgency and timetable to do so. Until that happens, the merchant doesn’t get paid. Fortunately, you can let your customers know there is a solution.

Educate Your Clients About Account Updater

With an account updater service, merchants don’t have to rely on customers to manually update their declined credit cards for recurring payments. The account updater service automatically updates the credit card information on file, ensuring that the business has the most up-to-date data for transactions.

Many business owners don’t even realize that this is a service, or that it is available to them. ISVs and VARs can inform their customers that an account updater:

  • Automatically requests information on declined credit cards from databases

  • Updates payment information with the new or re-issued credit card numbers and expiration dates

  • Checks databases routinely for updates to any credit cards previously processed

  • Requests information checks on credit cards that will be charged in the next round of billing

Once merchants are educated on what an account updater can do for their business, ISVs and VARs can make it easy for them to purchase by bundling it with your other services.

How Providing This Service Can Benefit Your Business

Offering an account updater service has many benefits for merchants. However, ISVs and VARs also gain from offering an account updater service. The ROI of an account updater for your business includes:

  • Stickier Relationships: Merchants will value the expertise you bring to the table as a strategic partner. By educating and positioning an account updater, you’ll be valued for your ability to provide a service that has both time and effort savings–both for the business and its customers.

  • Professionalism and Trust: Offering an account updater service reflects that you understand your clients pain points and care about their success. Your clients are more likely to increase their trust in your business when you give them tools to increase their efficiency.

  • Enhanced Value: By bundling an account updater with your other services, you’ll bring more value to your merchants who are evaluating how to get the most from their systems, processes, and vendors. Account updater solutions demonstrate a customer-centric approach that reinforces that prioritizing their needs is top of mind.

Make 2024 More Efficient for Your Clients

Incorporating an account updater service into your offerings isn’t just a convenience for your clients and their customers, but a strategic move that will build more enduring relationships with them. By automating the process of updating credit card information, ISVs help merchants enhance the user experience and minimize service disruptions while showcasing your commitment to their continued success.

Take the first step to boosting client satisfaction and building the long-term loyalty and trust that out-paces your competitors. Contact us to see how to make an account updater available to your clients.

Make Credit Card Account Updater available for your merchants!