If a merchant tries to complete a transaction with an expired card, or the credit number has changed, the transaction will be declined, and the merchant must still pay an authorization fee, with no associated revenue.
The fee for one authorization may only be a few cents, but if a significant percentage of stored cards on files are declined, the costs will add up. In addition, authorization fees are only a part of the cost associated with outdated card information. The merchant also needs to spend time and resources reaching out to customers for updated card data, which can total hours each week.
Using a payment provider that offers an Account Updater service will help merchants to better manage their customer's information. Account Updater automatically checks and updates the customers' expired, closed, or reissued cards, for cards stored in a Customer Vault or as a token. The service supports Visa, MasterCard, American Express, and Discover.
Don't forget: Ask your payment provider if they offer Account Updater. It will save you time and money.
Qualpay is a fully-integrated payments platform that utilizes the most up to date technology to reduce costs and streamline back-office operations. Its comprehensive system addresses and resolves the payment challenges businesses face, ensuring a stronger, more robust infrastructure that allows companies to focus on growing their business. Qualpay's reporting intelligence and data analytics allow customers to quickly and efficiently manage their payment finances, saving them both time and money. Simply put, Qualpay provides a better way to manage payments. For more information, please visit www.qualpay.com.