Card Account Updater

Apr 10, 2020

Product Description

The Account Updater service enables merchants to obtain updated cardholder account information from participating card-issuing banks for a cardholder that the merchant has an existing relationship with, and has their account information on file.  

Product Functionality and Features

The merchant is set up on the Paywire Gateway.

Product Benefits (Why this product?)

  • Reduces the number of declined authorization requests and lost sale opportunities for credential-on-file payments.
  • Reduces operating expenses by minimizing multiple authorization attempts, thereby decreasing the number of calls to the customer service unit.
  • Promotes cardholder and merchant loyalty by performing a service on behalf of the cardholder.
  • Increases merchant and cardholder perceived level of customer service.

Competitive Differentiators (Why Payscout?)

Requirements and Business Type Restrictions

  • The merchant’s business must be of the nature that it needs to receive updated account information (such as subscription services, membership services, and recurring payment services) and cannot fall into a high-risk category as determined by the applicable supporting card association.
  • Compatibility restrictions (i.e. Cut-off Times, Set-up Parameters, etc) [Support/Deployment to provide]

Enabling Process

The following steps need to take place to enroll merchants in Account Updater:

  1. Merchant signs the Merchant Addendum as part of the CBCal Application Package.
  2. When the merchant is deployed, Payscout’s Product/Support team conducts testing.
  3. Merchant goes live.

Beta Merchant Pricing:

  • Setup Fee $50
  • Monthly Fee $25
  • Total Per Successful Update Fee: $0.20

Join our card account updater beta merchant program and we will waive your setup fees. Contact to get started today.

Let’s get your payment processing on the right track.

Latest Articles

Compliance in the Collections Space; Who’s Responsible?

Compliance in the Collections Space; Who’s Responsible?

To account for changes in technology, cyber security, and legal policies, compliance in the collections space is constantly evolving. Collection agencies, like many businesses, rely on a network of technology vendors and systems providers to manage their operations....