Whether you’re an e-commerce merchant, service provider, or utility company, it’s not uncommon to put your regular customers on a recurring billing schedule. Doing so allows you to easily accept payments in the future — without requiring your customers to re-enter their payment data with each transaction.
Over time, however, your customers’ payment information can change — often without warning — due to:
- Expired credit cards
- Lost or stolen plastic
- Account upgrades
- Address or name changes
The next time you try to run a transaction, that sale will be declined. To run that transaction a second time, you’ll need to contact that customer and request his or her most up-to-date payment info.
Because of this extra step:
- You might lose a customer relationship.
- You’ll definitely lose time.
However, it’s possible to avoid this unnecessary friction by using an account updater service.
How Account Updater Can Save the Sale
Account Updater works behind the scenes to verify that your customers’ stored payment data matches what Visa, Mastercard, Discover and other credit card brands have on file.
This verification process runs periodically to ensure that both sets of records remain in sync. Whenever discrepancies occur, Account Updater automatically “updates” the information in your payment gateway and instantly alerts you to this most recent change.
The next time your recurring billing customers are charged, the transaction goes through without a hitch.
For a brief overview of the different verification steps involved, be sure to check out this free infographic.
Who Benefits from an Account Updater Service?
Account Updater is useful for any business that offers:
- Recurring billing
- Subscription-based services
- Loyalty programs
With this feature enabled, the sales keep coming in like clockwork — without you having to manually resolve declined transactions. This makes customer retention significantly easier.
However, your customers also benefit from account updater technology. It reduces the risk of disruption to their regularly scheduled service, and makes for a much more streamlined customer relationship.
Making Account Updater Technology Work for You
Automating your billing schedule and using an account updater is a great way to:
- Increase sales with successful transactions
- Improve customer retention and prevent service disruptions
- Reduce the risk of lost revenue
Having a fully automated system eliminates the need for manual updating. You and your staff can spend more time expanding your customer base rather than making calls to obtain new credit card information. Additionally, this reduces your PCI scope by decreasing your contact with actual payment data.
Speaking of PCI, to help safeguard your customers’ financial information, our payment gateway and recurring billing and account updater features conform to the latest PCI-compliant data security standards. Moreover, all of our payment processing solutions benefit from security methods including credit card tokenization and encryption.
To learn more about BluePay’s Account Updater solution, click here.
If you’d like to enroll in our account updater program, schedule a free appointment with our merchant services team here or call us at (866) 495-0423.