For many business owners, declined transactions are a tremendous source of headache that often result in lost sales and a high churn rate. To help merchants convert their declined transactions into successful sales without any time or hassle, Cardknox has launched its UpdateYourCard feature.
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
In the event that a transaction keyed-in through a Cardknox payment processing platform is declined, the UpdateYourCard solution automatically sends an email to the cardholder. This email notification informs the cardholder that their card was declined and prompts them to provide their updated card number and expiration date through a secure form. The payment information is then returned to the Cardknox payment gateway and applied automatically to subsequent transactions for that cardholder.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
UpdateYourCard Key Features and Benefits
- Ideal for subscriptions, memberships, installments, and other repeat payments
- Utilizes tokenization technology and is fully PCI compliant
- Frees up merchants’ time from having to reach out to customers
- Improves customer satisfaction by providing a frictionless bill pay experience
- Boosts merchants’ bottom lines
UpdateYourCard works in conjunction with Cardknox’s Account Updater solution that automatically scans all stored payment data to detect any cards that have expired or were lost or stolen. Once Account Updater locates such cards, it obtains the updated card information from the issuing banks. In contrast to the Account Updater tool that uses information from issuing banks to update active cardholder accounts, UpdateYourCard allows customers to provide information for an entirely different card in the event that their account stored on file with the merchant is inactive, closed, or has insufficient funds.
Read More: TerraPay Announces Readiness for the New World by Strengthening Management
