Auto Account Updater: Helping Online Merchants Reduce Credit Card Declines
July 4 2014 |
For any merchant, a declined card means loss in potential revenue. In the case of a brick and mortar store, it may be possible to ask the customer for an alternative form of payment. However, for an online store, dealing in card-not-present transactions is not as simple; unless of course they're using Auto Account Updater.
When a customer's transaction does not go through, it is likely they will abandon the purchase altogether. Credit Cards decline for a number of reasons including: availability of funds, cancellation due to lost or stolen cards, change of address, expiration, and many more. Except in the case where the card owner has exceeded their approved limit, other declines can be avoided with Auto Account Updater.
For ecommerce merchants who have recurring billing arrangements with their customers, credit card declines have an even greater impact. They present the risk of the customer cancelling their subscription. This would upset the balance of cash flow the merchant has come to expect on a regular basis. It is therefore imperative for online merchants who offer recurring billing to maintain accurate customer data and card-on-file information at all times. Auto Account Updater powered by GlobalOne provides an efficient way of doing so.
GlobalOne is a powerful payment gateway and global acquiring platform that helps merchants increase revenue, reduce operating costs and reach a global clientele. Built directly into the payment gateway is a host of revenue generating technologies including Auto Account Updater. This feature enables online retailers to combat the issue of lost revenue from credit card declines. It works seamlessly because it is facilitated by the customers issuing bank, which provides updated account information whenever there is a change. This means customer card-on-file information is always updated and payments get authorized with no hassle.
Contacting customers whose cards have declined to get updated information can be tedious and time consuming. Not to mention the fact that as a merchant, you're inviting the possibility that your customers will rethink their subscription. Avoid taking this risk and find out more about how Auto Account Updater can help you decrease credit card declines and generate more revenue!
For more information please visit www.globalone.me