Recurring and installment payments are a valuable source of revenue for enterprise businesses, but payment breakage due to lost, stolen, or outdated cards can be a real hassle. Worldpay Account Updater eases this pain point by automatically updating card information prior to the sale. And now, new enhancements make Account Updater even more effective.
Beginning in Q3, Account Updater will support Amex, with real-time account updating expected to become available shortly after Q3. Currently, both Visa and Mastercard offer real-time account updating, which eliminates the need for a merchant to send in a card file prior to the transaction. The lookup and update are done during the authorization so there is no time gap between merchants requesting account updates and submitting authorization requests.
Additionally, Worldpay Account Updater now supports new use cases stemming from the proliferation of customer profiles, including card-on-file retailers and online grocery services. Customers need only supply their information once, and Account Updater maintains updated card information for all subsequent purchases.
Lastly, both Visa and Mastercard launched initiatives to expand financial institutions’ enrollment in account updater services, beginning in 2017. Issuer participation is over 90 percent, as a result of the new mandates.
To find out more about how you can use Worldpay Account Updater to capture recurring revenue, reduce and recover declined authorizations, and create a frictionless customer experience, contact us.