Account Updater: How a simple tool can help you keep your customers and increase profit.
You’re a direct sales or MLM company with auto-ship or subscriptions. That means you know the frustration of expiring credit cards. That’s because many of your valuable resources go to waste hunting down an updated credit card number.
- First, there’s time, energy, and workforce needed to track down new card information;
- Then, there’s the expense of interrupted payments and delayed shipping; and finally,
- There’s lost revenue from customer cancellations.
In short, expired card numbers can create devastating results for your bottom-line.
That’s why you need an Account Updater in your payment toolbox.
Account Updater automatically updates expired credit card numbers you have on file. This simple tool is powerful. That’s because it allows you to keep your customer’s auto-ship orders on-time without any delays. And, keep your customer service team free of updating expired credit cards.
In this account updater article, we’ll outline how to:
1. Reduce your credit card decline rate and increase your revenue
2. Improve customer service and minimize cancellations
3. Increase efficiency and reduce unnecessary expenses
4. Improve data security through integration
5. Minimize payment chaos and simplify your payment workflow
The five reasons you should add Account Updater to your direct sales company toolbox:
#1 Reduce your credit card decline rate and increase your revenue
Account Updater increases your revenue by reducing unnecessary credit card declines. The cost of a failed credit card transaction is the lost sale and the card authorization fee. But you can prevent lost sales and reduce the expenses coming out of pocket for declined cards. In other words, your approval rate increases, and so does your revenue.
Read all the ways you can reduce false credit card declines here.
#2 Improve customer service and minimize cancellations
If you’ve ever received a new credit card, you know it’s overwhelming to update all your accounts. Despite your best efforts, you miss at least one! Then, the orders you are counting on never arrive. That means you have the extra work to restart your subscription. It’s frustrating as a customer!
End this annoyance for your customer and give them stress-free transaction experiences. With Account Updater, your customers will never experience delays. By offering a seamless check-out process, you not only keep the sale, but you also keep the customer.
Additionally, you’ll have a service to maintain the sale for your distributor!
#3 Increase efficiency and reduce unnecessary expenses
Your customer retention team shouldn’t spend their valuable time updating credit card numbers. With Account Updater, they won’t have to!
Free your team from a tedious, time-consuming, and often error-ridden data entry process. Instead, shift their focus to more pressing needs.
After that, you may find you need a smaller customer retention team! That way, you can direct profits toward new initiatives and products to grow your company.
#4 Improve data security through integration
Account Updater allows you to protect your customer’s data better.
Manually updating credit card numbers makes your customer data vulnerable. However, an integrated Account Updater provides greater security through tokenization. That means you’re replacing sensitive information with a non-sensitive equivalent. In short, your company can rest easy knowing data remains up-to-date and protected.
#5 Minimize payment chaos and simplify your payment workflow
Account Updater is the first step toward reclaiming lost revenue. You also need reliable payment tools to bring stability to your payments.
Account Updater and payment tools with Nexio.
We created Nexio with you in mind. With our seamless integration, you’ll have everything you need to manage your payments:
Easy-to-use dashboard and customized reports
Card Account Updater
Fraud Prevention/Detection Tools
Global Payment Connectivity
Stop spending time and money on unreliable payment tools.
Schedule a demo with us today to see how we can free you from managing the chaos of payments. So you can focus on scaling your company, empowering distributors, and increasing your sales!