Expired, lost or stolen credit cards result in revenue loss and a poor customer experience when card on file transactions or subscription payments fail. By using an account updater, you ensure your business maintains accurate account information while reducing the fees associated with declined transactions. These updates save time and resources, as you no longer need to contact customers individually to ask them to update their payment information. You are charged for the following actions:
- The account number was changed
- The account was closed
- The expiration date was changed
- The cardholder was contacted for updated information
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FAQ
Account Updater can be purchased as a standalone product or part of the orchestration platform. As part of the orchestration platform, monthly updates are performed automatically on vaulted cards. You also have access to data on the number of expired and expiring cards through the payment orchestration dashboard.
The standalone product allows for card updates on request via API or batch file.
If you were to work directly with the card brands or payment processors, you would need a separate integration for each of them. This would require building a solution to send and receive information in all their unique file formats. IXOPAY allows you to update cards across all of your processors with a single integration.
Additionally, working directly with the card brands may increase your PCI scope as you need to send the full PAN to the card brands to receive updated card information.
The expiration date, cardholder name and card number are updated.