Maintaining and updating the credit card information on file for customers can be a costly and labor-intensive process for merchants. But if a merchant neglects this process, it can result in detrimental customer churn and lost revenue. These merchants stand to lose money when payments are declined or cannot be processed due to outdated or expired credit card information.
The Need For Automatically Updating Payment Technology
By offering an automated account updater solution in a software program, merchant partners can provide an easy solution to this common problem of increasing declines, customer attrition and lost revenue. The ease of automatic account updating doesn’t just benefit the consumer, who might not provide updated credit card information when a previous card expires, but it also greatly improves a merchant’s customer retention.
Studies show that customers who use recurring payment processing for subscription services or standing orders for goods tend to renew at a rate between 70-80%. In scenarios where consumers must update their expired credit card account information themselves or approve transactions month by month, that renewal rate drops to between 30-40%.
Meet the Solution - 1stPayMaximizer
Account updater payment technology automates this process and makes it speedy and hassle-free. Our account updater product, 1stPayMaximizer, ensures that credit card numbers and expiration dates stored for recurring payment processing are always current. This payment technology can be easily integrated with the partner’s existing suite of payment processing solutions within their software.
It requires no effort on the part of the consumer while 1stPayMaximizer runs I the background to monitor and identify credit cards that are set to expire between the current payment cycle and the next billing cycle.
How Does This Payment Technology Work?
Partners start by integrating 1stPayMaximizer payment technology into their existing software platform. Once this account updater technology is implemented and incorporated into their existing services, merchants can set up recurring payment processing for their customers or enroll new subscribers.
Once the customer’s payment data is captured, it is stored in the 1stPayVault®. This is our secure payment data storage solution that ensures that customer payment data is stored under the strictest of industry standards and safeguarded against cyber theft or hacking.
As recurring payments are processed, 1stPayMaximizer verifies that the credit card information on file is current and up to date. If any credit cards are due to expire before the next recurring payment is to be processed, our 1stPayMaximizer payment technology obtains credit card information from the credit card issuer before the next recurring payment is scheduled.
Make sure that your customers never miss another sale or lose a customer’s business due to outdated or expired credit card information. Contact us today to find out more about 1stPayMaximizer payment technology.