Introducing: Automatic Card Updater
Automatically update expired cards and reduce failed payment methods.
Introducing the newest part of ConnectBooster, the Automatic Card Updater. This brand new feature comes as an expanded function of your current customer vault, making it that much easier to manage customers’ payment information.
Once the feature goes live in August, any expired or deactivated cards in your portal will be automatically updated and stored with the new card information from the issuing banks, so that you don’t miss a beat on billing.
We were in the middle of chasing a client, a great client, simply because their card expired and are up to 1.25 hours [spent] and $6k past due. Would love to make these scenarios a thing of the past.
How does this help me?
Instead of spending hours hassling customers when their card on file needs to be updated, you can rest easy knowing the ConnectBooster Portal is working to manage your customer’s card information. Your team will drastically reduce the “failed to bill” errors and save costs on updating payment method records in your customer vault.
Is there any cost?
Unless an update occurs, there will be no charges for this new feature. This is in contrast to other providers of this type of service, which include various unnecessary and ongoing fees.
The cost is only $1.50 per automatically updated record. You will never be charged, otherwise.
To weigh the cost, consider what traditionally happens when a payment fails. Your team must recognize the failure, take time to contact the customer, and update the card on file. In addition to taking at least 10 minutes of their day, this process results in around $0.85 in fees. For just $0.65 more, the hassle can be avoided, and you can process payments without missing a beat.
How do I get this feature?
It will be automatically set live in your portal in August.
When will these updates happen?
Updates will begin posting to cards stored in your gateway at the end of August, between the 20th and 25th. They will continue each month at the same time thereafter with potential variance due to the interaction of weekends and holidays.
What if my clients have old, unused, or little-used cards on file? Will these be updated?
Upon activation of the Automatic Card Updater feature, only cards that have experienced activity within the preceding 120 days will be eligible to receive updates. This is meant to prevent old or unused cards that may still be present from long inactive cardholders from potentially triggering an update charge.
If a card is simply little used, as may be the case in an annual renewal scenario, the card will become eligible for updates after it’s next use.
How will I know if an update occurs?
Every time cards stored on your account receive updates, the gateway will send one or more members of your team a summary of these updates. The notice will look similar to the example below.
Any gateway user who previously had the notification for “Receive Customer Vault Reports” active on their profile will automatically also receive these new summaries. If you would like to have this notification sent to additional members of the team, simply enable the notification for their gateway user account as shown below.
What do the different types of updates mean? What should I do?
There are four types of updates that may be included in your summary notice.
1. Updated Cards – These are updates to both the card number and it’s expiration date. These typically indicate the cardholder having been issued a new card, as may be the case when the original card is reported lost. – No Action Required.
2. Expiration Only – Only the expiration date has been updated and the original card number remains in place. These are the most common updates – No Action Required.
3. Requiring Contact – This indicates the card has experienced an update, but for security or other reasons the specifics of the update were not provided. – Contact the cardholder to directly collect an alternate form of payment.
4. Closed Cards – The card has been closed and no update has been provided. – Contact the cardholder to directly collect an alternate form of payment.
Does this work with every card?
Currently it works with Visa, MasterCard and Discover.
Can I opt out?
Remember, you will not be charged for Automatic Card Updater unless your business directly receives benefit, but if you would like to opt out, simply send an email to email@example.com before August 15, 2020, and we’ll disable the feature for you.