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Last year, the pandemic brought many changes to how companies handled their standard business procedures. We saw a shift to contactless payments and card on file hosting because consumers no longer wanted to hand over their physical credit cards to make a purchase. Many companies have also implemented the option for recurring, automatic payments for their customers.
Card on file refers to when a business keeps the customer’s payment information on file in their system to quickly pull up the information and charge the card without the customer needing to hand over the physical card.
Recurring payments have seen an upswing in popularity over the past year as well. They are payments charged at certain intervals, generally each month, for a subscription or a bill. Recurring payments are usually for things such as subscription-based purchases, memberships, and utility payments.
While recurring payments and card on file methods are great time savers for both customers and businesses, we run into an issue when a customer’s card is either lost, expired, or outdated. An average of 15% of recurring payments are declined, and sometimes can even be double that. This can result in lost revenue for your business, and it is time-consuming to manually reach out to the customer to get their updated information. When reaching out to the customer, there is also a risk that they may cancel their automatic or recurring payments or subscription, which can lead to additional loss in revenue.
Here is where we make things easier for you! There is an automatic card updating service that can help lessen and prevent these issues from happening. This service can be embedded into your systems and “talks” daily to credit card companies to get the latest credit card information transferred automatically to you. This eliminates the need for your employees to have to call and follow-up with your customers when their card information changes, resulting in fewer card declines and the ability to process payments without delay. Not to mention what a time saver it is for your employees!
To get more information on how automated card updating services can help your business, check out this blog by Global Payments Integrated: Automated Card Updating Services Can Prevent Card Declines. Global Payments Integrated offers recurring payments, card on file services, and automated card updating services. For more information on how you can add Global Payments Integrated to your Successware platform, please contact your Account Executive or call 888-828-0170.
Disclaimer: This content was provided in partnership with Global Payments Integrated, it does not necessarily represent products or services accessible through Successware. To learn more about Global Payments Integrated, click here.