Benefits of a Card Updater
IXOPAY offers a card updater which means that our clients are able to automatically update their registered customer’s payment data. The card updater works with VISA Account Updater (VAU) and Mastercard’s Automatic Billing Updater (ABU). It updates changes to credit card account numbers and expiration dates due to re-issued cards, mergers, portfolio flips, and upgrades.
What are the benefits of a card/account updater for online payments?
By using an account updater, businesses are able to maintain accurate account information, which in turn reduces the fees associated with declined transactions. It also improves consumer satisfaction, as they will benefit from an uninterrupted experience, especially for businesses who work on a subscription model. Automatic updates will also save you time and resources as you no longer have to contact individual customers and ask for them to update their payment information. The card updater is available for all IXOPAY merchant clients. You are charged for the following actions.
- The account number was changed
- The account was closed
- The expiration date was changed
- The cardholder was contacted for updated information
Clients who wish to make use of this service are able to automatically update the cards stored in the IXOPAY vault. All cards stored in the vault are sent to be updated, only those which are updated or a request for more information is triggered will be charged.
Analyze the data on the IXOPAY dashboard, you will be able to see how many cards are expiring (this / next month) as well as how many have been updated (separated by provider). Clients who use customer profiles will also be able to see when a card is due for updating in the customer overview or on the transaction tab. Old card numbers are stored for at least 30 days. This data is especially useful for subscriptions, as you will be able to accurately predict your next round of payments based on the card data provided.
With IXOPAY you can give your customers peace of mind, knowing that their information will be tokenized in a secure vault and kept up to date, so they will not be subjected to any bounce back charges from their banks.
Don’t let your cash flow be interrupted by out-of-date data!
To find out what else IXOPAY has to offer, get in touch with our sales team who will be happy to give you a product demonstration. Take control of your payments with IXOPAY.
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IXOPAY is a payments orchestration platform enabling independent, flexible and global payment processing. As a highly scalable and PCI-DSS certified “fintech enabler”, IXOPAY fulfills the needs of large merchants as well as those of “white label” clients: payment service providers (PSPs), acquirers and independent sales organizations (ISOs). The modern, easily extendable architecture offers smart transaction routing & cascading, state-of-the-art risk & fraud management, fully automated reconciliation and settlements processing, comprehensive reporting as well as plugin-based integration of acquirers, payment service providers and alternative payment methods (APMs).
IXOPAY is part of the IXOLIT Group, founded in Vienna, Austria in 2001. With local entities in Austria and the USA, IXOLIT supports national and international customers across various industry verticals. The owner-led and -financed company has grown from 2 to more than 65 employees and is focused on building innovative solutions for eCommerce.
Please find more information about IXOPAY here: https://www.ixopay.com