Account Updater: Keeping customer credit cards always up-to-date

Customer credit card data changes and changes frequently. Card expirations, data breaches and fraud detection are all situations that can result in credit card data changing without a merchant realizing it.

If you don’t have the latest customer data in your system, your payments may fail, resulting in a dissatisfying customer experience for everyone involved.

Qualpay Account Updater automatically updates outdated customer card data and any related tokens. It will share the updates with you to enable you to show the right information to your customers, of course, not the full payment details. With this feature, you no longer need to contact customers to update their card information directly.

Solving a recurring problem

Expired customer credit card data is particularly problematic when it comes to automatic payment plans. This can include utility bills and subscription services like Netflix.

Many customers simply forget to update their information. But the Qualpay Account Updater takes care of this issue. This means fewer missed payments, no late fees, and no need to turn off a service until the payment is collected.

How does the Qualpay Account Updater do it?

Our Account Updater technology takes advantage of a service provided by the card brands to see where customer information may have been changed or altered. Key product features include:

• Creation of a harvest date for stored payment information. The harvest data triggers when the service will run to check for updates.
• Manage the stored payment information that will be sent to the card updater service.
• Pay only for matched updates, and not for all stored payment information.
• You can receive notifications through email and push notifications via a webhook to automate updates in your system.
• Updates available include the card number’s first 6 and last 4 digits and expiration date.

Add it all up, and our Account Updater will identify changes in credit card numbers and expiration dates. Then, it automatically updates the old information to reflect the new in your customer file.

Qualpay Account Updater is ideal for merchants operating in businesses where regular and recurring payments are common, as well as when you support a customer account and stored payment details for bill payments, including:

• E-Commerce
• Subscriptions Services
• Insurance
• Utility and Energy
• Waste Management
• B2B
• Nonprofit Organizations
• Gyms and Clubs
• Education and e-Learning

How does the Qualpay Account Updater save you money? Let’s count the ways

1. It reduces customer churn. Minimizing the risk of failed transactions makes for happier customers, and happier customers make for loyal customers who will want to continue to do business with you.
2. It lowers administrative costs. No more need for time-consuming manual updating of card information data.
3. It creates operational efficiencies. Accurate information means much fewer manual tasks are required to identify and update outdated card information.
4. It improves cash flow. Uninterrupted payments mean a consistent cash flow.
5. And you only pay for matched, updated payment data.

The setup is easy

Whether a card can be updated using the Qualpay Account Updater depends on the customer’s issuing bank. The good news is that most banks support this automated functionality. Better still, the Qualpay Account Updater supports all four major card types.

Goodbye, manual updates and lost revenue

Contact us today to learn more about how Qualpay’s Account Updater works. If you are not yet a Qualpay customer, take our Savings Challenge for a personalized rate analysis.

Click here to learn more.