Worldpay’s Recovery solutions already maximize and accelerate recurring revenue streams for enrolled merchants, and a recent enhancement furthers this capability.
Real-Time Account Updater now gives merchants a way to increase recurring and non-recurring revenue streams – even faster.
Typical card updater solutions work well for payments that follow a regular recurring cycle, but are not as effective for unpredictable card-on-file payments for the following reasons:
1. There will always be an unpredictable lag between a proactive update on a given card and the cardholder’s next purchase. The longer the lag, the higher the risk that a “stale” card will be submitted for authorization in the case of a new update becoming available in between.
2. While this issue can be mitigated with more frequent, proactive updates, it presents another risk: if a customer never transacts again with the merchant, proactive card updates will never be used.
In contrast, Worldpay’s Real-Time Account Updater addresses these challenges by requesting and instantaneously applying card updates any time an authorization is submitted. All authorization attempts are then processed with the most current card information available at the time the authorization is submitted.
With Real-Time Account Updater, merchants can collect the most revenue in the least amount of time, for both recurring and non-recurring revenue streams. And, no additional integration is needed to realize these benefits.
To find out more about Real-Time Account Updater for your business, contact us.