Stop Losing Money When Credit Card Numbers Change or Cards Expire!
Do you ever wonder how much money you lose – or are delayed in receiving – due to credit card numbers changing or cards expiring?
Of course, it’s unavoidable, right?
People frequently get new credit cards for any number of reasons. They might lose their old one, it might get stolen, or too often lately—it could fall victim to skimming or fraud. But perhaps it’s nothing like that at all? Maybe their expired credit card won’t process because a new, up-to-date, card was sent to the owner in its place and they never updated that information with you?
No matter the reason, it seems businesses often lose when this happens—when a credit card number changes or expires and the transaction won’t go through for a product or service they have with you . This is especially true for businesses that process monthly or yearly subscription/recurring transactions.
Have you ever heard that it costs seven times as much to get a new customer as to keep one? And sure, while you won’t always lose a customer when their credit card is replaced, it makes it more likely.
For one, they must take the time and make the effort to update the information in a timely manner, or at all. Then, you hope they don’t get upset with any service interruption that might have happened because you weren’t getting – or didn’t get – paid. After all, that’s your responsibility, correct?
In either case, it is truly like having to win over a brand-new customer when you must get an existing one to take the steps to ‘sign up’ again.
Isn’t it frustrating? Don’t you wish there was something legal you could do to avoid this? To keep from having to track down customers when this happens, just hoping you can get the updated data, and not have to lose them – and money – in the process?
Well, what if I told you there was a way to make that huge, annoying, profit-busting, problem go away for good?
With the technology and systems we now have available for Swypit customers, that problem can now be a thing of the past. All that credit card information can be automatically updated on your customer accounts without the customer – or you – having to lift a finger.
Here are 4 ways this service can provide benefit to our Swypit customers quickly, efficiently, and effectively:
- Card information is automatically updated monthly for your customer accounts on file. This helps to prevent declined transactions—and payment delays to you.
- You get to avoid the ‘cost’ to you of having to manually contact these customers for card updates and then actually performing the updates manually. Wouldn’t you rather – and better – spend your time working on areas of your business that generate new, additional, customers instead of tracking down new information on customer’s you’ve already, previously, earned?
- Your customers stay happy with uninterrupted service. Because they don’t experience delays or worse – discontinuation – of service, they don’t get disgruntled, thinking this is your fault in some way. Of course, it’s easy to see the benefit with this in more ways than one!
- Easy-to-access reports on these credit card updates means you’re never left guessing. You’ll always know – and can see – which cards were updated automatically and any for which this couldn’t be done. That way, you don’t just find yourself short on expected revenue, but rather can prepare for it and address it proactively when necessary.
If you’re tired of losing money due to expired or changed card numbers, there are very few situations where this service can’t help you keep customers more satisfied and keep more money flowing reliably in for your business. Ask us about this service and we will discuss whether it’s right for you and if so, how to get started i