The optional product is designed for businesses that accept payments in a “card not present” environment, such as those found on the Internet, or those that generate recurring payments. Card information such as expiration dates, account numbers and closed accounts change regularly. These changes can now be tracked and updated electronically in real-time eliminating the need for the merchant to directly contact customers for these exceptions. With no longer a need to stop the process to get the consumer to provide current information, the merchant reduces costs created by manual efforts as well as losses in revenue from lost transactions.
Current Credit Card Information Is Transparently Delivered to PDS’s Merchants
How it works:
- Merchants are enrolled through PDS with Visa and or MasterCard.
- Credit card Issuers submit electronic files with updates to the card associations when a cardholder’s account information changes.
- Credit Card Issuers are required to send these file updates within two business days, and are strongly encouraged to send them daily to ensure that account-on-file Merchants have the advantage of the latest authorization data.
- Participating Merchants submit account numbers, through PDS, for customers with whom they have an ongoing payment relationship. Visa and MasterCard processes inquiries against their databases and provides responses to the PDS.
- Participating Merchants are required to update their customer account database within five business days after receiving updates from PDS. If your recurring customer database is hosted with PDS we will update the accounts for you.
The Credit Card Account Updater
- Ability to enable the electronic exchange of updated account information among participating Merchants, Payment Data Systems, and credit card Issuers.
- The power of a streamlined process to prevent disruption of customer relationships that result from changes to credit card account information.
- Increased sales, more approved transactions, and higher levels of customer satisfaction due to cost savings achieved by not having to contact customers manually.
Benefits for merchants
- Helps retain customers.
- Increases customer loyalty.
- Increases approved card transactions by reducing authorization declines.
- Reduces customer service expense by preventing interruption of the payment relationship.
Benefits for your customers
- Provides uninterrupted service.
- Improves customer satisfaction by reducing negative experiences caused by declined transactions.
- Keeps account update process transparent to customers.
Services offerred by Central Bancard, LLC a registered provider for DuTrac Community Credit Union, Dubuque, IA