As a business offering ongoing services like online education, property rentals, product subscriptions, etc., you’ve probably had your fair share of late payments. A proven solution for eliminating delinquent balances is automated billing and companies all over the globe are requiring customers to enroll in auto-pay agreements.
However, recurring billing introduces new challenges.
Managing expired, lost or stolen credit cards on file can be an expensive headache. It takes days, weeks or even months to gather new credit card details and past-due fees. If new payment details cannot be obtained in time, the collections process is inconvenient for both parties – eventually costing you even more money and time.
What would it look like if your customers’ credit card information were updated automatically?
Major credit card brands like Visa and MasterCard allow integrate with payment solutions to do just that. Account Updater renews credit card details directly in your payment gateway and does not require customers to take any action. This keeps subscriptions current without interruptions and can significantly improve retention rates.
Key Features and Benefits:
- Automatically updates expiration dates, account closures, and new card numbers between Visa and MasterCard
- Keeps rentals current and reduces cancellations.
- Minimizes costs and time wasted requesting new payment details.
- Improves customer satisfaction and loyalty.
- Minimizes employees’ interaction with sensitive cardholder data.
Account Updater is a secure and PCI-compliant feature that is unlocked at the payment gateway level. To learn more about setting up Account Updater for your business, contact Preferred Payments for pricing and a complimentary rate review.