How Account Updater Is Helping SaaS Businesses Worldwide

In today’s modern era, people are on the go more than ever. They pay for services as they go. Certain unforeseen circumstances like, card expiration, and new card details can cause unwanted stress and disruption in payments. Merchants have to contact customers to gain updated information. To avoid all this hassle, visa came up with a remedy that has taken the world by storm. Say hello to the visa account updater. This revolutionary innovation has made matters easier and seamless.

In this article, we help you deep dive into how an account updater works, how it has diminished delayed payments, and how it has helped improve the relationship between business and customers.

Also Read: What You Need To Know About Customer Account Management For SaaS Companies

How Visa Updater Works?

Avoiding payment disruptions is one of the most distinctive features of an account updater. When merchants reach customers for new account information, sometimes, it makes the customers uneasy resulting in cancelling of subscriptions. Visa updater eradicates such inconvenience. The merchants get account updates when a new card is issued to a customer. Customer data is always updated thanks to the account updater.

What Type of Information is Dealt with by Account Updater?

Now, you will probably be thinking what is this information the Account Updater deals with? So, sometimes, customers lose their credit card or they may order a new card for any reason. Many people need to change their residence so they change their billing address etc. Also, it is important for the customer and subscription service providers to keep the track of the credit card expiry dates so that the card can be renewed before the card actually expires and there may come discrepancies in the payment of subscription fees.

So, here the Account Updater will play its role by tracking all this information and updating it from time to time. As a retailer, you will avoid all the hassle to run after clients and banks to track the updation in the account information of the subscriber.

Importance of Account Updater for Subscription Businesses

Little or no data is present on how often will a typical customer updates his billing information or card details. It is a difficult and uncalled-for situation when a company has to reach out to the customer multiple times for new card information. It is costly for a company and a waste of time as well. Account Updater is a time saver and a lifesaver that allows SaaS companies to avoid such uncalled circumstances. Account Updater does everything for the company hence saving a lot of time and effort.

Subscription businesses lose a lot of revenue and customers as well because of payment failures. And a leading cause of these payment failures remains no updation of the customer’s bank card information over time. So, the account updater can prove to be a panacea to such issues that rise because of a lack of updation in the information of the customer from the bank’s side.

Account Updater Brings Ease to Merchants and Customers Alike

Payments getting declined multiple times can have a bad impact on a SaaS business. Manually updating information is an exercise everyone wants to avoid. Imagine merchants knocking on customers’ doors every now and then asking rather begging for sensitive information that some customers are often reluctant to provide.  Account Updater minimizes such headaches and presents a permanent remedy for this time-consuming affair.

Now there will be no need to poke customers every other day regarding their account information or to run after the bank of your customer to get updates regarding his bank account details.

Configuration and Availability

Account updater is now in service for all card payment gateways supported by SubscriptionFlow.

All SubscriptionFlow plan levels are offering Account updater for :

• visa
• MasterCard
• Discover
• PayPal

Impacts on the Involuntary Customer Churn

Payment processing while checking out is a complete experience for the customer. It is also one of the crucial points where you need to make payment processing as smooth as possible so that the customer may not get annoyed and does not pay at all. When account information is not updated with time, then a delay in the payment processing is for sure.

In most cases, the payment does not process at all and results in payment failure. This payment failure usually leads to customer churn. Because when the customer does not pay on time, the subscription management system automatically cancels the subscription for not paying the subscription fee on time. Also, it is not easy to bring such customers back on board because the competitors are ready to facilitate them. It is human behaviour that nothing annoys anyone more than this he wants to pay due charges, but the system does not allow it for any technical reason.

Account Updater is the ultimate solution to this grave problem. When customer information is updated timely, there will be no hiccups in online payment processing.

Also Read: Minimize Lost Revenue & Increase Customer Retention In SaaS

Schedule a demo with SubscriptionFlow to know how you can leverage the amazing Account Updater for your subscription business.