Real-Time Account Updates to Complete Every Sale

VGS Account Updater service integrates directly with card networks to deliver the most recent card-on-file information in real time and increases authorization rates by reducing failed payments from lost, stolen, or expired cards.

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Fewer failed payment transactions

Every year, 40% of cardholders replace their cards due to the card expiring, getting lost, or being compromised by fraud.1 When customers migrate to Account Updater, they see 20-35% of cards being updated in the first month.2
Fewer out-of-date cards = fewer failed transactions.

Lower Costs

Lower Costs

You can purchase Account Updater individually from each processor or just once from VGS as an add-on to the Vault and use it across all processors.

Achieve greater cost efficiency with a processor-agnostic solution that enables you to securely update across card brands in the merchant inquiry.

Real-Time Card-on-File Updates

VGS integrates with Visa and Mastercard for real-time account updates. Having the latest COF information reduces declined transactions, increases repeat customers, and supports recurring payments.

Customers get immediate confirmation during initial enrollment and always have the most up-to-date information. VGS utilizes direct network API-based integration to get the latest updates, surpassing the industry standard of outdated file-based methods.

Real-Time Card-on-File Updates
Better Customer Experience

Better Customer Experience

Our Account Updater service ensures that when a new card is issued, its information is updated automatically and in real-time, unburdening customers from manually updating their payment information to avoid declines and interrupted purchases.

Customers store cards with merchants to ease online setup for recurring payments and use demand-based services like rideshare and grocery delivery apps.

But, merchants don't benefit until the card-on-file (COF) is accurate and 48% of customer churn comes from failed payments.3

Combine with VGS Network Tokens

Account Updater works with Network Tokens to increase authorization rates by lowering payment declines. Improve conversion further when you add Account Updater.

Use it for processors that don't accept Network Tokens or when you need the full card number for fraud prevention or identity protection.

Combine with VGS Network Tokens
Manage Fraud and Risk

Manage Risk

Processing transactions with outdated card numbers exposes you to the risk of a consumer opening a chargeback.

Process transactions with the latest card numbers and avoid a purchase being flagged for a chargeback.

Optimize card-on-file payments to increase revenue and retention

Account Updater automatically updates expired card information in real time to avoid payment declines and offer a seamless payment experience.

Maximize Recurring Revenue

Maximize Recurring Revenue

Up-to-date card information enables subscriptions, utilities, insurance, rent and mortgage payments, loan installments, donations and more to be charged without fear of failed transactions and lost sales.

Protect Against Data Breaches

Protect Against Data Breaches

Sensitive cardholder data is tokenized and stored securely for secure storage to minimize exposure and mitigate the risk and impact of data breaches.

Data vaulting

Add More Utility to Your Vaulted Data

Account Updater can benefit any customer who has cards on file. A VGS Vault customer can add Account Updater, and be ready to go once enabled.

Did you know?

9-14% of recurring credit card authorizations fail each month.4

Takeaway

Works in real-time

Reduces your costs by working across your processors

lost sales from failed transactions

Ready to Get Started?

Account Updater works across processors to reduce your costs by working across your processors and avoid lost sales from failed transactions.

70% of companies are unsatisfied with their payment failure rate. Will you be in the 30% 5

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References

1 https://stripe.com/newsroom/news/network-tokens-card-account-updater

2 https://www.authorize.net/resources/our-features/account-updater.html

3 https://www.pymnts.com/subscriptions/2021/almost-half-of-subscription-churn-caused-by-preventable-friction-in-failed-payments/

4 https://www.cybersource.com/en-us/solutions/payment-acceptance/automatically-update-cards-on-file.html

5 https://risk.lexisnexis.com/global/en/about-us/press-room/press-release/20230222-true-impact-of-failed-payments