Declined cards are one of the unfortunate aspects for businesses that process recurring transactions. When consumers have expired or outdated cards on file, the recurring transactions most likely would decline and cause loss of revenue on top of fees for a merchant. The good news is these circumstances can be avoided and result in fewer fees.
Incorporating an account updater solution, like our 1stPayMaximizer product, is an excellent way to manage cards stored for recurring billing. This solution automatically replaces expired card numbers with updated card numbers as needed within the system, causing revenue to be steady and helps reduce administrative overhead of tracking down updated credit card information.
Benefits for Merchants
Maintaining current payment information can be costly and time consuming. There are several benefits that a product like 1stPayMaximizer can provide for merchants. Using 1STPAYMAXIMIZER will cut out the need to contact customers to obtain correct card information and will alleviate administrative costs needed in order to maintain accurate cards on file. This will allow merchants to keep their operations running seamlessly with automated card updates and as a result, merchants will experience more approved transactions for subscription or recurring billing plans. With the help of 1stPayMaximizer, merchants will have more time to dedicate their attention to serving their customers and less time on tracking down payments.
Merchants who keep customer card information on file will frequently have to get in touch with their customers every so often in order to keep their credit card information up-to-date. Because of this, many customers may use this interruption in service as an excuse to cancel their recurring payment plan.
An account updater solution can prevent this halt in service by automatically updating a customer’s cardholder information, allowing both the merchant and customer to rest easy and not have to take any additional action. Merchants who enroll in this type of solution will receive automatic updates on their customer’s new card numbers, expiration dates, and any other payment information.
With consumers being busy with their everyday lives, it can be a nuisance for them to have to contact several businesses to update their recurring payment information. Merchants who decide to incorporate 1stPayMaximizer or a similar solution can rest assured their customer’s card information will be automatically updated, avoiding a disruption in service or loss of revenue from lack of payment.