As a Club Owner, Why Do I Want ABC to Automatically Update My Members’ Credit Card Information?
Simply put, if ABC Financial doesn’t have valid credit card information we cannot automatically collect payments. Through our automated updater program, ABC collects more of your income and your members experience fewer service interruptions and late and service fees.
Historically, correcting the issue of inaccurate credit card information relied upon the member responding to ABC to make the update. When the member didn’t respond to direct contact, they missed payments, were charged fees and became confused and unhappy. Bottom line is without automatic updates, accounts with card declines are less likely to have successful collections.
Now, if a member’s credit card is declined, ABC automatically requests good information from their bank or financial institution. ABC puts the changes the card issuer sent into the member’s account. For the first quarter of 2012, 18.6% of declined cards in this program were successfully updated with current billing info.
As a member why would I want my credit card information updated automatically?
Before the Automated Credit Card Updater program, a member would have to remember to contact ABC if their card number changed. Card numbers change for many reasons: they expire, the bank replaces them, or the customer requests a replacement for lost or stolen cards. If a member forgets to update their ABC billing information, their accounts would eventually become delinquent and subject to late and service fees.
With the Automated Credit Card Updater, the member’s credit card information is updated by their issuing bank or financial institution in accordance with their cardholder agreement. This enables ABC to update our records in a timely manner, thus avoiding inconvenient and expensive late fees.
ABC’s Automated Credit Card Updater program benefits both club owners and their members by eliminating unnecessary disruptions in billing resulting in a higher collection percentage and happier members!