Posted by Alison Arthur on 25 Sep 2019
Payment card information changes more often than you might think. Individual cards are frequently lost or stolen, expiration dates come due regularly, and mass reissuance can be prompted by card upgrades and/or security breaches.
More and more customers save their payment methods electronically to take advantage of automatic payment options. While this provides the benefit of “setting it and forgetting it”, it also means that updating saved card information might not be top-of-mind when that data changes. Billers that rely on direct intervention from customers to update stale funding sources can be left chasing late bill payments and missing out on timely revenue.
A card account updater solution helps minimize the hassle of missed bill payments due to outdated card information. Billers that subscribe to this service receive fresh card data seamlessly, preserving incoming cash flow and reducing the burden on internal resources tasked with recovering missed bill payments. Here are five benefits of card account updater for bill payments.
Bill payments are only as good as their funding sources. Card account updater refreshes saved payment card information automatically, meaning your organization always has the most up-to-date data.
Card account updater’s automated process helps reduce the number of interrupted bill payments, supporting continuous incoming revenue that your organization relies on.
Card account updater eliminates the need for customers to manually update their card information when it changes. It also helps them avoid late or missed payments, creating a more positive experience throughout their customer journey.
Late or missed payments due to outdated card information can have serious consequences for your customers. Card account updater can help reduce service disruptions and prevent account delinquencies by supplying the most accurate card data to your organization.
When a bill payment fails, contacting customers to update their funding source information can be a significant burden for your internal teams. Card account updater automates this process, giving your staff more time to focus on other organizational initiatives.
The Bottom Line: Card account updater automates the burdensome process of refreshing stale saved payment card information. The solution is often offered as part of an overall electronic bill presentment and payment (EBPP) solution, usually alongside automated card expiration notifications and card expiration reporting, meaning that adopting card account updater can be as simple as talking to your EBPP provider.