When a customer’s credit card information changes, Account Updater automatically locates and provides the current credit card information in order to process a renewal, without any action needed by the customer. A few days before renewal, Account Updater identifies customers up for a renewal that have outdated credit card information. The time when the customer's credit card information is checked can be configured. If the account information is updated successfully, the customer is automatically billed, renewing the subscription.
As the merchant of recordThe merchant of record is the entity that holds legal title to goods or services and from which the customer purchases these goods or services., cleverbridge cooperates with Visa, MasterCard, and American Express to keep your customer's credit card information up-to-date:
- Credit card issuers submit electronic files with updates to the credit card company when a cardholder’s account information changes.
- Before the renewal of the subscription, cleverbridge submits account numbers through its acquirer for the relevant customers.
- The credit card company processes these inquiries against its database and provides responses to the acquirer in the form of electronic files. These files are in compliance with PCI.
- cleverbridge downloads the files on a daily basis.
For further information on how the exchange of credit card information with Visa, MasterCard, and American Express works, see the following:
- Visa Account Updater For Merchants
- MasterCard Automatic Billing Updater
- American Express Cardrefresher