GlobalOnePay Auto Account Updater
Automatically update card changes. Reduce declined transactions.
Credit card declines are a fact of life in eCommerce, but they shouldn’t be a constant drain on your revenue flow or a bottleneck for recurring subscription payments. Auto Account Updater technology, available on the GlobalOnePay payment processing platform, automatically updates buyers’ Visa or MasterCard credit card information and changes in a timely, efficient and cost-effective way through a process that is completely frictionless to you and your customers. As a result, you can reduce the number of declined transactions, increase top line revenue and preserve income flow.
One major credit card issuer estimates that between 50 to 70% of its cardholders will have changes to their credit card information over a 12 month period – whether a new card is issued due to a loss, theft or an EMV update. Regardless of the reason, merchants do not have the time or resources to manually gather updated card information. That’s why GlobalOnePay developed Auto Account Updater – to provide a better payment experience for both merchants and customers alike.
No more lost sales due to declined cards
If you can’t bill your customers, you lose out on potential sales and there’s a greater risk of credit card fraud if items are ordered and shipped using a lost or stolen card. GlobalOnePay’s Auto Account Updater helps you eliminate the risk, time and extra resources needed to manually update declined Visa and MasterCard credit card information. Auto Account Updater helps merchants:
- Provide a positive online shopping experience with no delays due to credit card declines
- Eliminate the number of lost sales due to credit card declines
- Offer recurring billing and subscription plans with more confidence
- Eliminate the need to track down customers to obtain a valid payment source
- Provide a frictionless checkout experience with seamless credit card processing
Most of all, automating credit card updates with Auto Account Updater provides a significant return on investment. The cost of each lost transaction due to credit card declines is between 10 - 100 times the cost of each credit card update with Auto Account Updater, not to mention the added cost and time of manually contacting customers to try to obtain a valid payment.
Avoid the “customer canceled” trap
If a charge is declined, perhaps due to a changing credit card account number or expiration date, your customer service group may have to contact the customer to obtain a valid payment source. In addition to being an expensive, labor intensive process, this is a high-risk action as it provides the customer with an easy way to cancel their purchase. For weekly or monthly recurring subscriptions, this can result in significant revenue loss. GlobalOnePay’s Auto Account Update technology seamlessly takes care of all card changes and updates to protect your recurring revenue stream.
Direct integration for superior flexibility
In contrast to integration via third-party processors, GlobalOnePay’s Auto Account Updater is integrated directly with payment card association brands. This is an important difference because direct integration provides the capability to support any acquirer and processor wherever their services are offered. Better still, it gives merchants the flexibility to remain on the same GlobalOnePay platform, but easily move from processor to processor without being tied down.
How GlobalOnePay Auto Account Updater works
Merchants subscribe to Auto Account Updater as a service of the GlobalOnePay platform. We register the merchant and all of the Visa and MasterCard cards in the merchant’s customer database and securely send that data to Visa and MasterCard for weekly updates. Visa and MasterCard provides updates for any cards that have changed and we update our internal Auto Account Updater database with the most current card data.
To reduce PCI liability risk and security complexity, Auto Account Updater leverages GlobalOnePay’s tokenization service, which provides access to billing data without the liability of storing sensitive card information. GlobalOnePay replaces credit card information with a neutral token, a random value that retains the card’s essential information, without compromising security. Although the card number or expiration date is updated, the token remains the same. When a merchant takes a payment with the updated card using the token, the changes are completely transparent for a frictionless checkout. Neither the merchant nor the customer needs to take any action to update the card – and sales go through seamlessly.
Decrease declines. Increase revenue.
GlobalOnePay’s Auto Account Updater service updates between 3-5% of our merchants’ customer credit cards each month – and that can translate to the same percentage of sales that would not have been processed if those cards had been declined. As such, the use of Auto Account Updater has the potential to increase revenue by at least 3% -- and eliminate the risk of missing revenue projections based on recurring billing because too many credit card numbers have changed.
Get started with Auto Account Updater
Minimize lost eCommerce sales and disrupted subscription purchases. You can subscribe to Auto Account Updater and add this robust feature to your GlobalOnePay service at any time without any long-term commitment. Contact us or learn more at www.fmpay.com.
- Conserve revenue streams by eliminating authorization declines
- Reduce time and cost associated with manually updating card data
- Ensure uninterrupted payments for recurring billing and subscriptions
- Eliminate the risk of customers canceling their subscription when they are contacted about a declined charge
- Easily change processors and acquirers without changing platforms
- Seamless updating of Visa and MasterCard account numbers and expiration dates integrated with our tokenization service
- The cost of a lost eCommerce transaction is between 10 -100 times the cost of automatically updating customer credit cards with Auto Account Updater.