The theft or loss of credit cards is a fairly common occurrence. While consumers will act quickly as soon as they realize that their accounts are at risk, businesses also need to have options in place that will allow them to process pending transactions. Certain credit card companies, such as Visa and MasterCard, offer payment resubmitting services that help companies to re-initiate payments that have been canceled at the request of consumers. Although this system is extremely beneficial for businesses that conduct most of their sales through credit cards, they must be sure that their merchant account servicing providers are equipped to support this technology.
The Visa account updater program is available to a select number of credit card processors. After a pending Visa payment is declined due to a credit card cancellation you can go onto your online merchant account and request your customer’s new billing details. This process will ensure that you will receive your payment for services rendered quickly instead of waiting for weeks.
This process is not possible if you do not have a credit card processing merchant account or access to the Visa account updater program. Even if you have not had problems with canceled credit card payments in the past you should act now so that your business never experiences issues with completing credit card transactions. Furthermore, you will need to contract with a credit card processor that offers timely payments. Some merchant account services do allow their customers to resubmit canceled credit card payments manually, however, you will need to get in contact with the customer in question and get their new credit card details on your own.
Although there is currently no type of technology in place that will prevent businesses from having to deal with canceled and declined credit card payments altogether, you can still take preventative measures. This type of service is especially important if you offer recurring payment options for your clients. If a credit card is canceled then a consumer can possibly challenge all payments made 60 days prior to cancellation. In total, your business could possibly lose out on three months of billing charges if you do not participate in the Visa account updater program. With the right service agreement and a refund policy that is electronically signed by all customers you can completely eliminate the possibility of losing out on revenue due to the cancellation of a pending credit card payment.
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