Product News: Services
Account Update Service ensures uninterrupted payments.
Press Release Summary:
June 25, 2014 - Intended for businesses that offer subscription services and recurring billing plans, Auto Account Updater module keeps credit card information current to prevent declines due to account number changes and expired cards. This optimizes revenues via reduction of authorization declines that result in lost sales and minimizes customer friction. Automated service corrects card information prior to next billing cycle through process completely transparent to merchants and cardholders.
Original Press Release
GlobalOne Introduces Auto Account Updater for Optimizing Recurring Payments
Press release date: June 17, 2014
Automated service ensures uninterrupted payments, improving business efficiency and preserving revenue streams
MONTREAL - GlobalOne, a division of Pivotal Payments, a leading provider of merchant services and global payment processing solutions, today announced the release of its Auto Account Updater module, which keeps credit card information current to prevent declines due to account number changes or expired cards. For businesses who offer subscription services and recurring billing plans, Auto Account Updater optimizes revenues by reducing authorization declines that result in lost sales, minimizes customer friction and improves overall business efficiency.
The recurring revenue marketplace represents over $600 billion dollars in global annual sales across all industries and business types. Subscription revenues are critical to these businesses and preventing any disruption to the payments cycle is paramount to improving revenue, customer satisfaction and loyalty. Auto Account Updater corrects card information prior to the next billing cycle through a process that is completely transparent to both merchants and cardholders. GlobalOne clients in the US, Canada and Europe can maintain the most current cardholder database to ensure payment continuity.
"A major pain point for merchants using recurring billing is the need to keep cardholder information up to date," said Philip Fayer, president and CEO of Pivotal Payments. "Our Auto Account Updater virtually eliminates overhead costs related to keeping card information current. When used in conjunction with GlobalOne's suite of services, the efficiencies, ease of implementation and cost savings with our Account Updater are significant."
Some key competitive advantages gained with GlobalOne's Auto Account Updater include:
-- A reduction in declined transactions, which increases top line revenue and preserves income flow
-- Reduced opportunities for consumers to cancel the service whenever account information changes
-- Improved operational efficiency, with less time spent dealing with card decline issues
-- Seamless updates are performed daily and no customer contact is necessary since expiration dates and card numbers are automatically corrected
-- Can be used with GlobalOne's tokenization solution or integrated directly into merchants' payment systems
GlobalOne is a powerful payment gateway and global acquiring platform that helps merchants increase revenue, reduce operating costs and reach a global clientele. A single point of integration provides access to 60+ processing currencies, connectivity into 130+ networks and banks and the ability to accept all major forms of electronic payments, including local and alternative methods. Intelligent transaction routing, interchange optimization and a host of revenue generating technologies such as recurring billing, decline recycling and an automatic account updater are built directly into the payment gateway. GlobalOne is a division of Pivotal Payments, serving more than 70,000 customers and processing over US $12 billion in annual bankcard sales volume. Learn more at www.globalone.me
CONTACT: Louis Georgakakis, Pivotal Payments, 1 866 693-2000 x8001, firstname.lastname@example.org