Eliminating Collection Issues with BillingTree’s Account Updater Service

For decades, there has been an ongoing issue on collection floors regarding nonpayment on installment plans. When credit cards expire or reissued, it is all too common for companies to miss payments. For many companies, this could make the difference between success and failure. A surprising number of organizations are now struggling to make ends meet. Limited cash flow can be an insurmountable challenge. Missing payments mean reduced revenue and reduced revenue leads to late payments and debt. BillingTree has designed its Account Updater Service to eliminate this problem.

How Does the Account Updater Service Work?

BillingTree has devised a cutting-edge account updater that solves the problems associated with out-of-date cards. Just by submitting schedule payments to it, The BillingTree validation engine can identify any canceled, reissued or changed card. It will then supply the updated details, so account records can be brought in line.

The Benefits of An Account Updater Service

Many companies are unaware that 30 percent of credit and debit cards experience changes every year. Often, they expire, but sometimes they are closed, upgraded, stolen or lost. When companies offer subscription services, recurring billing or a loyalty program for repeat customers, stored card details will inevitably change. Whatever the reason for the card information being altered, failure to keep the system up to date leads to loss. Customers often forget to update their information. And, when they forget to do so, it is impossible to maintain seamless payment experiences. That is where BillingTree’s Account Updater Service can help.

Some of the benefits of our service include:

  • A reduced risk of revenue loss by keeping payment details current automatically.
  • An increased number of successful transactions.
  • An avoidance of fees for any declined authorization.
  • Improved customer retention because of the prevention of disruptions to services or subscriptions.

How Does Our Account Update Service Work?

BillingTree works closely with companies to determine the right monthly schedule to fit into recurring payment cycles. By submitting data to major card brands, the brands’ databases can then verify the information. Visa, Amex, and Mastercard continuously update their databases whenever the cardholder’s details change. Therefore, the Account Updater Service can check these databases and return current information straight away.

BillingTree can then notify your company of new card details, expiration dates, and account numbers. While notification is being received, you can have the information automatically updated. Since this service is working seamlessly behind the scenes, you will not have to worry about additional issues. Meanwhile, you can reap the benefits while growing your company.

Improved Customer Relations

Whether you’re offering a recurring payment solution or a regular subscription service, declined transactions are frustrating. Not only is it stressful to deal with missed payments, but it is also potentially costly. BillingTree’s Account Updater Service will reduce that, so your company can maintain its cash flow. There’s no longer any need for a customer to update information himself or herself. Customers also will not suffer from canceled subscriptions or services. This means that you can maintain positive customer relationships in the long term.

Companies can also save time while reducing their own costs. There will no longer be any need to hire collection companies or pay staff members to update the account details manually. It will also minimize PCI scope. Fewer staff members will have contact with the payment information. BillingTree’s solutions are all fully compliant for your peace of mind. Even better, your company sees a boost in its revenue since you will receive payments on time.

A Simplified Customer Experience

Keeping customers happy is the goal of all companies. One way to ensure that customers have a positive experience is to minimize the stress they experience. Companies have started to do this by simplifying the customer payment experience. IVR systems and web portals are just some of the ways that customers can make easy and stress-free payments. Now, BillingTree’s Account Updater Service can simplify matters even further.

You have eliminated the need for customers to make contact every time they change their card information. As a result, you have improved their payment experience. Customers have enough to think about these days. Updating details manually is just one more problem to face. BillingTree’s Account Updater Service eliminates the need for customers to think about manually updating information. This allows customers to get on with their lives with their payments intact. They’ll also experience no disruption to their service and no charges with declined payments. It’s a win-win situation for both parties.

Contact BillingTree today to find out more about our automatic Account Updater Service. Your customers will appreciate the convenience and you’ll appreciate the seamless revenue collection.