Spreedly Enhances Payment Solutions with Real-Time Card Updates
Spreedly, a prominent global open payments platform, has recently unveiled a significant enhancement designed to help merchants better manage outdated customer card details. This new feature, known as Just-In-Time Card Updates for Visa Cards, aims to tackle a prevalent issue in recurring billing and subscription models - failed payments caused by outdated card information.
Addressing the Challenge of Outdated Card Details
Outdated payment information is often a leading cause of transaction declines. Spreedly's innovative Just-In-Time Card Updates provide merchants the ability to access current card credentials in real time, right at the moment when a transaction occurs. This advancement simplifies the payment process and minimizes the impact of failed transactions on customer experiences.
Real-Time Access to Card Updates
Traditional card update methods tend to rely on scheduled batch updates, which can leave gaps of outdated information for merchants. With Spreedly's Just-In-Time approach, merchants gain access to updated card credentials at the time of transaction, ensuring they have the most accurate information possible. This timely access not only improves the chances of successful transactions but also enhances the overall payment experience for customers.
Benefits of Spreedly's Integration
The integration of Just-In-Time Card Updates brings several key benefits to businesses:
1. Improved Authorization Rates
By reducing the number of declines due to outdated card credentials, merchants can recover revenue that would otherwise be lost due to payment failures. This fortifies a crucial financial aspect of their operations, enabling growth even in competitive markets.
2. Enhanced Operational Efficiency
With on-demand updates, there is no longer a need for continuous background refreshes of card data. This streamlines payment workflows and results in reduced operational costs, providing a more efficient payment processing solution for businesses.
3. Strengthened Customer Retention
Spreedly’s capabilities help prevent service interruptions, leading to improved customer loyalty. By ensuring that transactions are completed seamlessly, merchants can foster stronger relationships with their clientele.
4. Greater Strategic Flexibility
This feature offers merchants control over the timing of card updates, allowing them to align their payment operations with their business needs more effectively.
Strategic Collaboration Between Spreedly and Visa
This announcement further deepens the strategic collaboration between Spreedly and Visa. The integration with the Visa Account Updater (VAU) enables these just-in-time updates, allowing merchants to enhance their payment strategies significantly. Additionally, Spreedly is working to integrate Visa Acceptance across various payment gateways, including notable names like CyberSource and Authorize.Net, providing enhanced reach and reliability for merchants.
About Spreedly
Established in 2007, Spreedly has built an open payments platform that connects merchants to the global consumer market. The platform processes more than $50 billion in gross merchandise value annually across over 100 countries. Distinguished clients of Spreedly include major brands, such as BMW, Clear, HBOMax, and more. The company aims to provide a secure, inclusive, and versatile payment ecosystem, empowering its merchants to succeed in a cashless world.
Media Contact
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Frequently Asked Questions
What are Just-In-Time Card Updates?
Just-In-Time Card Updates are a feature from Spreedly that allows merchants to access up-to-date card credentials right at the point of transaction.
How do these updates improve payment success rates?
By utilizing real-time data access, merchants can minimize transaction declines that result from outdated card information.
What advantages does Spreedly offer to its customers?
Spreedly provides improved authorization rates, operational efficiency, customer retention, and strategic flexibility.
How does the collaboration with Visa enhance this service?
The collaboration with Visa ensures that merchants have timely access to card updates via the Visa Account Updater, which strengthens payment processes.
What industries can benefit from Spreedly's services?
Spreedly's services are beneficial to any business that relies on card-on-file transactions, especially those in e-commerce, subscriptions, and recurring billing.
