VGS Card Account Updater
Avoid Payment Disruptions with Updated Card Information
VGS Account Updater integrates directly with card networks to deliver the most up-to-date card-on-file information. Increase authorization rates and reduce failed transactions from lost, stolen, expired, or closed cards. Choose from account updates continuously on every card, in real-time on a selected set of cards, or a combination of the two.
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Every year, 40% of cardholders replace their cards due to account closures, reported lost or stolen, expired, compromised by fraud, or upgraded.
When customers leverage account updating services, 20-35% of cards are updated in the first month.
Fewer outdated cards = fewer failed transactions.
48% of US consumers save their card information on merchant websites and apps to make credential/card-on-file (COF) payments. Storing information makes it easier for customers to shop online, set up recurring payments, and use demand-based services such as ride-sharing and grocery delivery apps.
However, 30% of shoppers will abandon their cart if they have to re-enter their payment information, and 59% of customers who have a negative customer experience are less likely to shop with that seller again.
Cart abandonment causes e-commerce brands to lose $18 billion in sales revenue annually.
Impact on you?
Lost sales. Impacted brand.
Fewer returning customers.
Merchant Solution
VGS Account Updater keeps your card-on-file data current and offers two customizable options to suit your needs. You can choose the update frequency and select specific cards for which to obtain the latest information.
Continuous updates on every card? We are there.
Get VGS Continuous Account Updater.
Single updates on a selected card? We are there too.
Get VGS Real-Time Account Updater.
Want both? Prefer to customize updates to your business needs?
Absolutely.
- More frequent recurring billing like weekly or monthly subscriptions
- In-the-moment purchases requiring low latency like gaming, ride-sharing, e-commerce, and gig marketplaces.
Use it as a fail-safe to ensure you aren't sending expired cards to your processor and experiencing failed transactions.
Less frequent recurring billing like annual subscriptions when you can get account updates for near-term renewals in the month or weeks before renewal.
Immediate, high-value transactions, or initial subscription enrollment.
Merchant Benefits
VGS Account Updater keeps your card-on-file data current and offers two customizable options to suit your needs. You can choose the update frequency and select specific cards for which to obtain the latest information.
Quicker, More Frequent Card-on-File Updates
VGS's direct networks integration means our account updates are delivered continuously or in real-time. Having the latest COF information reduces declined transactions, increases repeat customers, and supports recurring subscription 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 batch file-based methods.
Lower Costs
Achieve better cost efficiency when you can purchase VGS Account Updater just once from VGS and use it across all processors - instead of individually from each processor.
Our universal solution enables you to securely update cards across brands and processors in your card account update inquiry rather than needing to pay for each separately.
Better Customer Experience
VGS Account Updater ensures that when a new card is issued, its information is updated automatically, continuously, or in real-time, freeing customers from manually updating their payment information and avoiding 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. 48% of customer churn comes from failed payments.3
Streamlined Operations
With the PCI-compliant VGS Account Updater, facilitate the secure electronic exchange of account information updates among merchants, acquirers, and issuers.
Reduce operational overhead from submitting inquiries to acquirers for account number refreshes, especially for issues resulting from account closures or network opt-outs.
Manage Financial and Brand Risk
Processing transactions with outdated card numbers could expose you to the risk of a consumer opening a chargeback. Too many chargebacks can lead to financial losses, increased processing fees and penalties, reputation damage and even the potential risk of losing the merchant account.
Ensure that you are processing transactions using the latest card numbers with VGS Account Updater to avoid having a purchase flagged for a chargeback.
Combine with VGS Card Attributes and VGS Network Tokens
The best merchants in the business never lose connectivity to the full card number (PAN).
VGS Account Updater enables you to keep connectivity with the PAN. With a PAN, you retain the ability to retry the transaction with a processor, which you cannot do with just a token. Having a PAN also enables you to access VGS Card Attributes and run it on your cards-on-file at least every 6 months to ensure you have the most current credentials across expanding BIN ranges, shifting card portfolios, and changing issuers.
Combining VGS Account Updater with VGS Network Tokens can increase authorization rates and improve conversion by lowering payment declines. Use Account Updater for processors that don't accept network tokens or when you need the full card number for fraud prevention or identity protection.
Retaining connectivity to the PAN is critical to successful Card Lifecycle Management. Best-in-class merchants use VGS Account Updater, VGS Network Tokens, and VGS Card Attributes to have the most up-to-date card credentials and optimal payment outcomes.
VGS Account Updater Summary
Optimize Card-on-File Payments to Increase Revenue and Retention
VGS Account Updater automatically updates expired card information either continuously or in real-time to avoid payment declines and offer a seamless payment experience.
Maximize Recurring Revenue
Up-to-date card information enables subscription charges, utilities, insurance, rent and mortgage payments, loan installments, donations, and more without fear of failed transactions and lost sales.
Protect Against Data Breaches
Sensitive cardholder data is tokenized and stored securely for PCI-compliant secure storage to minimize exposure and mitigate the risk and impact of data breaches.
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.
Merchant registers for VGS Account Updater
Merchant requests VGS for a card number (PAN) update.
VGS sends requests directly to the card networks for both types of account updates: Real-time and Continuous.
VGS receives card updates automatically from the networks and sends it back to the merchant. This includes:
- Sync (first-time immediate response) and
- Async (future updates after the card has been previously registered)
Merchant updates their Card-on-File (COF) information for a successful transaction.
Store and Enrich All Your Payment Data with a Single API Integration
Use a single card object across Network Tokens, Account Updater, and Card Attributes on our Card Management Platform.
Learn More about Card Management Platform
Ready to Get Started?
- Improve authorization rates with continuous and real-time card updates - avoid declined transactions becoming lost customers.
- Reduce or eliminate the form re-entry at checkout - prevent avoidable user experience issues from declined cards.
- Minimize required consumer intervention - manage those customers who forget to update card payment information.
- Reduce your costs with a processor-agnostic solution - Get a single solution across your processors and avoid lost sales from failed transactions.
Read More about the different ways to use VGS Account Updater.
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