How COVID-19 is shaping the way we shop
But merchants that operate a card-on-file business, whether subscription or not, typically handle a lot of payments complexity behind the scenes, to ensure a seamless experience for consumers. Customer payments only get interrupted in one of two occasions - the consumer cancels, or there is an issue with their card (expires, lost/stolen etc.).
For the second situation, there is a simple and elegant fix - Adyen Account Updater - a tool that enables merchants to ensure they have the most up-to-date card information on their customers. If a shopper’s card expires, is upgraded, or otherwise canceled due to theft, loss, or closure, Adyen Account Updater will update the details automatically to avoid impacting recurring transactions. By doing this, Account Updater dramatically improves authorization rates for card-on-file merchants.
Adyen Account Updater enables merchants to ensure they have the most up-to-date card information on their customers.
Recently, there has been some concern that the introduction of chip cards in the US with the EMV rollout is impacting recurring businesses (as cards are getting re-issued).
In the past year alone, there have been tens of millions of card numbers that have changed in the United States, between the data breaches at large retailers, and most recently, with the issuance of new EMV “chip cards”. In fact, banks are spending more than $8 billion in issuing these new chip cards, and merchants don’t want these changes to impact their recurring payments.
Merchants can protect themselves from any such impact, a new EMV card is no different than an expiring card. In that scenario, Account Updater ensures the merchants have the most up-to-date card information as soon as the cardholder activates the new card. As such, EMV has many benefits for merchants, as we’ve discussed recently. And with Account Updater, recurring businesses can considerably limit the impact that the shift to EMV cards can cause.
If you are interested in learning more about our Account Updater, feel free to contact us. Implementing Adyen’s Account Updater is easy, and it ensures you don’t miss a beat.
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