BY MARCI GAGNON

Marci Gagnon is the Vice President of Strategic Alliances for Qualpay and has been in the payments industry for over 15 years with a concentration on recurring billing and the Energy space . Qualpay provides processing solutions to fuel delivery and service businesses with tools designed to provide real-time reconciliation and cost reduction . For additional information contact Marci Gagnon at marci @ qualpay . com or visit https :// www . qualpay . com / industry / utility-and-energy .

Customer upgrades , card expirations , data breaches , and lost or stolen cards are all situations that can result in customer credit card data changing without a marketer realizing it . Credit cards update frequently and this is particularly problematic when it comes to monthly subscription plans or automatic customers with cards on file . Without having the updated card information in your backend system your payments may fail , resulting in a missed billing cycle and a dissatisfying customer experience .

The card brands have created a way to make sure your company always has fresh information . The service is called Account Updater and it automatically updates card information when there are changes or outdated information to a cardholder ’ s account . With this feature , you no longer need to contact customers every month to update their billing information , saving office resources and ensuring on-time payment .

How does Account Updater do it ? Each individual processor that has access to this service connects differently , but in general the Account Updater technology analyzes the card data recorded in various Bank databases to see where customer information may have been changed or altered .

Areas of analysis include :

• Any requests for updated information or declined credit cards

• Automated nightly updates to check any credit cards processed in the past six months

• Requests for information on cards due for a customers ’ next billing date

Add it all up , and Account Updater can pinpoint and identify most changes to customer data , including credit card numbers and expiration dates . Then , it automatically updates the old information to reflect the new in your customer file .

In the Energy industry , where the margin is very thin , Account Updater can save you money in a variety of ways :

1 . It reduces customer churn . Minimizing the risk of failed transactions makes for happier customers , and happier customers make for loyal customers who will want to continue to do business with you .

2 . It lowers administrative costs . No more need for time-consuming manual updating of card information .

3 . It lowers the risk of late fees . There are no more late fees incurred from failed transactions caused by the wrong information being used .

4 . It creates operational efficiencies . Accurate information means much fewer manual tasks required to identify and update outdated card information .

5 . It improves cash flow . Uninterrupted payments ensure a consistent cash flow .

Not all payment processors have access to the Account Updater service , so check with your payment partner to see if this service is an option and what the pricing would be . After you have confirmed the service is available , you should also verify with your backend software / portal company that they can update saved cards on file using this service . Next , the setup is easy and is usually managed inside your admin account with a simple training . Keep in mind that whether a card can be updated using the Account Updater service depends on the customer ’ s issuing bank . But the good news is most banks do support accepting this automated functionality . Better still all four major card types support Account Updater . If you are curious to learn more on how this service works , please contact your processor or reach out to me directly and say goodbye to manual updates and lost revenue ! l FON

14 MAY 2024 | FUEL OIL NEWS | www . fueloilnews . com