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Home Account Updater Service
1. What is an Account Updater Service?
Account Updater Service definition: Account Updater is a generic word for services supplied by credit card networks to automatically update subscription customer card data when cardholder information changes or expires, such as Visa's Account Updater or MasterCard's Automatic Billing Updater.
Frequently Asked Questions
How does an Account Updater Service work?
Due to mergers, portfolio flips (e.g., Visa to MasterCard), re-issued cards (due to loss or security breach), account closures, and product upgrades, this service tracks changes to credit card account numbers and expiration dates.
Companies that participate in updater programs have several options for checking the information in their subscriber database, including automated nightly updates that check any card you've processed in the previous six months, requests for information on specific declined cards, and requests for information on a group of cards due for their next billing installment.
How does Visa Account Updater help merchants?
By transferring updated account information between participating businesses and Visa card issuers, Visa Account Updater (VAU) facilitates and encourages consumer happiness, retention, and loyalty. VAU, as an automated, dedicated, and secure clearinghouse, provides updated cardholder account information to all parties participating in the electronic payment process in a timely, efficient, and cost-effective manner.
What are the benefits of Account Updater Service?
The benefits of Account Updater Service:
- Increases the number of authorizations granted.
- Lessens the likelihood of service termination.
- Account-on-file transactions are made easier and more secure.
- Helps enhance revenue by strengthening client relationships and retention.
- Saves money by reducing the cost of contacting cardholders for updated information.
- Cuts customer service expenses by preventing interruption of payment relationship.
- Reduces the opportunity for service cancellation.
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