HOWELL, N.J., June 29, 2020 /PRNewswire/ -- For many business owners, declined transactions are a tremendous source of headache that often result in lost sales and a high churn rate. To help merchants convert their declined transactions into successful sales without any time or hassle, Cardknox has launched its UpdateYourCard feature.
In the event that a transaction keyed-in through a Cardknox payment processing platform is declined, the UpdateYourCard solution automatically sends an email to the cardholder. This email notification informs the cardholder that their card was declined and prompts them to provide their updated card number and expiration date through a secure form. The payment information is then returned to the Cardknox payment gateway and applied automatically to subsequent transactions for that cardholder.
UpdateYourCard Key Features and Benefits
- Ideal for subscriptions, memberships, installments, and other repeat payments
- Utilizes tokenization technology and is fully PCI compliant
- Frees up merchants' time from having to reach out to customers
- Improves customer satisfaction by providing a frictionless bill pay experience
- Boosts merchants' bottom lines
UpdateYourCard works in conjunction with Cardknox's Account Updater solution that automatically scans all stored payment data to detect any cards that have expired or were lost or stolen. Once Account Updater locates such cards, it obtains the updated card information from the issuing banks. In contrast to the Account Updater tool that uses information from issuing banks to update active cardholder accounts, UpdateYourCard allows customers to provide information for an entirely different card in the event that their account stored on file with the merchant is inactive, closed, or has insufficient funds.
UpdateYourCard is available to Cardknox merchants who integrate their POS or e-commerce system with the Cardknox gateway, as well as those who use the standalone Cardknox Merchant Portal. The Cardknox Merchant Portal is a virtual terminal solution that features a robust suite of payment processing tools to manage payment activity—such as a customer database, recurring payment scheduling, an invoice form generator, and more. And now, with the help of UpdateYourCard, merchants who rely on the Cardknox Merchant Portal to automate their billing cycle can have peace of mind in knowing that their one-time and repeat transactions will be processed without disruption.
"When Cardknox develops its payment solutions, we aim to bring value to merchants, their customers, and software developers alike," says Cardknox CTO Yanky Weiss. "To that end, we're excited to introduce a feature that will not only improve efficiency for merchants but will also enhance the customer experience. And, at the same time, our developer partners will appreciate our seamless integration process so that they can equip merchants with UpdateYourCard with ease."
To learn more about Cardknox UpdateYourCard, visit www.cardknox.com/updateyourcard.
Cardknox is an omnichannel payment gateway that can be seamlessly integrated with POS systems, ERP software, e-commerce, and mobile platforms. Offering flexible payment solutions and innovative technology to qualify transactions for the lowest interchange rates, Cardknox serves thousands of partners and customers across every major industry throughout the U.S., the U.K., and Canada. For more information, visit www.cardknox.com.
Director of Marketing and Product