Account Updater stops lost sales due to outdated card data
With our automatic account updater, you can rest easy knowing that your receivables will not be delayed by expired cards, changed account numbers or closed accounts.
What is Account Updater & how does it work?
Our automatic account updater feature automatically queries Visa and/or Mastercard for updates in the event that a customer’s card expires, changes or closed. Automatic account updater ensures steady revenue by helping you avoid failed transactions or gaps in services provided to your customers.
Instead of you spending any time or manpower finding the missing data, we proactively take care of it all, without any disruption to you or your team.
1. Visa/MasterCard is notified of account changes
Participating card issuers (banks and the like) inform Visa and/or Mastercard when a customer’s card expires, the account numbers are changed, or the account is closed.
2. Account Updater regularly queries for updates
Payway’s Account Updater routinely queries Visa and Mastercard for updates such as these, and the revised information is returned upon our request.
3. Returned information is stored in vault
Account Updater then applies the new account information to the Payway vault, updating that cardholder’s token, so it’s ready to process on the next scheduled recurring payment, without any delay.