Seamless Subscriptions: The Account Updater Advantage I Blog
28 / 09 / 2023
Discover more about Account Updater for smooth, reliable transactions amid the subscription market's growth.
Account Updater provides a seamless solution to maintain accurate customer card data, ensuring smooth transactions amid the subscription market's rapid growth.
The subscription e-commerce market is poised to boom, with a projected sixfold growth by 2026. This surge in subscriptions opens up new avenues to enjoy our favourite things—from weekly meal deliveries to exclusive movie releases. It's a world where there's a subscription tailored to every taste.
Adopting the subscription model isn't just about meeting consumer needs; it's a gateway to unlocking fresh revenue streams, strengthening customer connections, and boosting sales. Nevertheless, it's not all smooth sailing for merchants. Retailers grapple with the recurring challenge of managing transactions and keeping customer payment info up-to-date: what if there was a solution to ease this burden?
Enter Account Updater
Account Updater offers a seamless fix to maintain accurate customer card data, ensuring smooth transactions even when cards expire or get replaced.
How Does It Work?
Merchants must enrol in Account Updater services through their payment service provider (PSP) to tap into this service*. Here's a simplified breakdown of how it works:
- When a merchant tries to process a transaction using outdated customer credit card information, the transaction may be declined. In such cases, the merchant can request updated credit card details from the credit card network.
- The credit card network scours its database for any updated customer credit card information.
- If the credit card network finds updated data, it promptly shares it with the merchant's PSP.
- The PSP then updates its records with fresh credit card information, ensuring future transactions sail smoothly.
Benefits for Merchants and Customers
In 2022, roughly 40% of cardholders had to replace their cards due to expiration, loss, or fraud (source: Worldline). This leads to failed transactions, service interruptions, and frustration. With Account Updater card information is updated promptly and subscriptions seamlessly continue. No payment hiccups equals happy customers.
With Account Updater, merchants no longer need to pester customers for updated credit card info. This seamless process enhances customer satisfaction, ensuring uninterrupted services and long-term loyalty.
Account Updater significantly improves conversion rates and payment performance by preventing failures due to outdated card information. When a customer's card details change, the service updates this information for merchants, minimising declined transactions and potential revenue losses.
Time is precious for any merchant. You should be able to focus on providing exceptional products and services, not wrestling with billing nightmares. Account Updater automates card updates, freeing you up to concentrate on serving your customers and conquering new horizons.
- Subscription-based services: Businesses offering meal deliveries, gym memberships, or software subscriptions can charge customers automatically without repeated manual payment entries.
- E-commerce retailers: Online stores allow customers to save credit card details for future purchases, streamlining the buying process.
- Travel and hospitality services: Hotels, airlines, and car rentals can charge additional fees or damages without the customer presenting their physical card.
- On-demand services: Ride-sharing and food delivery apps keep customers' card data on file for quick and hassle-free payments.
- Non-profit organisations: Charitable organisations can automatically charge recurring donations.
Account Updater services play a vital role in a merchant's success in the digital payment era. They streamline the customer experience, reduce churn, boost revenue, enhance security, and improve billing efficiency. These services foster trust, loyalty, and sustained business, ultimately leading to better customer retention and increased revenue.
Are you currently a Worldline Online Payments Customer? Good news: Worldline Account Updater can be easily accessed and integrated with your current service. So, if staying up-to-date with the latest card information is crucial for your business, download the Account Updater factsheet below and supercharge your revenue.
* It's essential to note that not all credit card issuers participate in Account Updater services, and it is limited to certain geographies. Some Account Updaters may only update specific information like expiration dates.
Worldline Account Updater is currently only available for Visa and Mastercard; implementation is required from the issuer (customer opt-in).
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