Many businesses today are facing challenges when storing customers’ credit cards on file. We recently held a webinar to discuss these challenges. If you are a merchant storing credit card data in your system for repeat billing, periodic billing, automatic shipping, or subscription services, you are likely running into obstacles with cardholder:
- Expiration dates
- Brand conversions
- Card upgrades
- Reissued cards (due to data breach or fraud)
- Lost/stolen cards
- Closed accounts
If any of these obstacles go unaddressed, as a merchant you risk credit card declines when using stored cardholder data. According to Visa, 30% of accounts annually incur changes in account number or expiration data.
Credit card declines come with some costs. When transactions fail, cardholders feel inconvenienced and may terminate your relationship, resulting in lost sales. If cardholders must be contacted to update their information, they may choose to switch to another service or cancel service altogether. Additionally, merchants who continue billing with out-of-date information must pay extra authorization costs.
Luckily, ProPay has a solution that keeps your credit card data on file up to date. ProPay’ EnsureBill is an account updater service that increases your revenue by reducing card declines on your monthly billing. EnsureBill allows clients with recurring billing accounts to seamlessly maintain valid data. With EnsureBill, card-on-file data is verified and updated prior to the monthly billing cycle resulting in fewer declines, increased customer satisfaction, retained business, and overall reduced costs.
There are Three Pillars of EnsureBill that keep you and your customers satisfied when storing card information. The three pillars of Ensure Bill are:
- Reduced Credit Card Declines
- Increased Revenue
- Reduced Operational Costs
Reduced Credit Card Declines
With EMV mandates to be implement in the near future, millions of customers will have their cards replaced by issuers. If you’re a merchant with cards on file, those cards will need to be updated within the next three to four months when issuers send new cards. If your systems are not updated automatically, you likely face a high rate of card declines.
With ProPay EnsureBill you can reduce declined transactions and authorization fees by getting updated account numbers, expiration dates, and account status’ on your Visa, MasterCard, and Discover cardholders.
By delivering uninterrupted service, you’re likely to increase revenues and improve customer retention. EnsureBill enables you to:
- Increase revenue with fewer card declines
- Pay fewer authorization fees
- Reduce customer service costs from manual updates
- Increase customer retention and loyalty with uninterrupted service
- Improve efficiency
Recently a ProPay customer using EnsureBill reduced auto-ship declines by 9% and increased revenues by $300,000 in one auto-shipment by updating over 91,000 credit cards.
Reduced Operational Costs
EnsureBill allows you to send a file to ProPay with cards that need to be automatically updated. ProPay will then send these cards to the issuer to be updated. EnsureBill receives updates from ProPay after issuers identify any needed card updates. This automatic process saves major costs on personnel and time that would otherwise be spent contacting customers and manually updating card information.
For more information on how you can reduce credit card declines, increase revenues, and reduce operational costs with ProPay EnsureBill, call 888-227-9856 or email email@example.com