Spreedly Unveils Real-Time Visa Card Updates to Combat Payment Failures
Breaking News: Spreedly is revolutionizing payment processing with its latest innovation: just-In-Time Card Updates for Visa Cards, powered by Visa Account Updater (VAU). This enhancement to Spreedly’s open payments platform promises to significantly reduce the number of failed payments, especially those plaguing recurring billing and subscription-based businesses.
The Challenge of Outdated Card Details
Outdated credit card information is a major headache for businesses relying on recurring payments. These failures not only impact revenue but also lead to customer churn.
Spreedly’s new feature directly addresses this pain point.
Real-Time Card Updates: A Game Changer
The Just-In-Time card Updates integration provides merchants with immediate access to the most current card credentials precisely when a transaction occurs.
This differs significantly from traditional systems that depend on scheduled batch updates, often lagging behind actual card changes.
How it effectively works
Built upon Spreedly’s Advanced Vault capabilities,the solution taps into Visa’s extensive network,enabling merchants to retrieve updated card details precisely when they are needed.
This ensures that transactions are processed with the latest information, minimizing declines and maximizing prosperous payments.
Merchants gain greater control by managing the timing of these updates to suit their operational requirements, according to Spreedly.
Expanding Visa Acceptance
Spreedly is also incorporating Visa acceptance across vital gateways, including industry leaders like CyberSource and Authorize.Net.
This move aims to broaden transaction reach and enhance overall reliability for merchants using the platform.
Executive Insight
“Our mission is to provide merchants with the adaptability and intelligence they need to optimize every transaction,” said Peter Dougherty, President of Spreedly. “We wanted to create an innovation that drives results for our customers – a card update in-line with the transaction itself does exactly that.”
Recent Partnerships
earlier this year, in April, spreedly joined forces with FlexFactor, a payment recovery platform, with the specific goal of helping merchants recover sales lost due to incorrectly declined payments.
Pro Tip: Regularly review your payment gateway settings and security protocols to ensure optimal performance and protection against fraud.
Key Benefits of Just-In-Time card Updates
Let’s examine the benefits this technology brings to the table:
| benefit | Description |
|---|---|
| Reduced Failed Payments | Minimizes transaction declines due to outdated card information. |
| Real-Time Updates | Provides up-to-date card credentials at the point of transaction. |
| Enhanced Reliability | Improves transaction success rates, especially for recurring billing. |
| Merchant Control | Allows merchants to manage the timing of card updates. |
The evergreen Impact of Real-Time Payment Updates
The move toward real-time payment updates reflects a broader trend in the financial technology sector.As consumers increasingly rely on digital payments and subscription services, the need for seamless and reliable transaction processing becomes paramount.
Solutions like Spreedly’s Just-In-Time Card updates are not just about fixing a technical glitch but are about enhancing the entire customer experience and building trust between merchants and consumers.
According to a report by Juniper Research, real-time payments are projected to reach $82.4 trillion in value by 2026, underscoring the growing importance of instant and reliable payment solutions.
Frequently Asked Questions
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What are Just-In-Time Card Updates?
Just-In-Time Card Updates provide real-time updates to card credentials at the moment of transaction, ensuring current information is used.
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How does Spreedly’s integration improve payment processing?
Spreedly’s integration reduces failed payments by offering up-to-date card details via Visa Account Updater (VAU).
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what is Visa Account Updater (VAU)?
VAU is a service that automatically updates card information when a cardholder receives a new or updated Visa card.
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which payment gateways are enhanced by Spreedly’s Visa Acceptance?
Spreedly is incorporating Visa Acceptance across gateways like CyberSource and Authorize.Net to improve transaction reliability.
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Why are real-time card updates important for merchants?
Real-time updates minimize transaction declines and enhance customer retention, notably for recurring billing.
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Can merchants control when card updates occur with Spreedly?
Yes, merchants can manage the timing of card updates to align with their operational needs.
Did You No? The average credit card expires every three years, making outdated card information a persistent issue for subscription services.
What are your thoughts on real-time card updates? How might this technology impact your online transactions? share your comments below!
