Meritus Launches Account-Updater Service for its Merchants
July 31, 2014
Meritus Payment Solutions, the California-based ISO acquired recently by global processor Optimal Payments, on Tuesday launched their new account-updater solution. Account updater is a service available from the major card networks that enables payment providers to receive automatically updated card-account information. For merchants that use a subscription- or recurring-billing model, this results in fewer declines that result when customers’ card numbers change due to loss, theft or expiration.
“For businesses that process recurring-based transactions, keeping up-to-date card information can be especially challenging,” said Alan Kleinman, principal of Meritus Payment Solutions. “According to MasterCard, 30 percent of all recurring transactions typically decline due to expired card information or account changes.” Kleinman states, “Update XP allows merchants to access and recover revenue that would typically decline, empowering them to maximize their sales.”