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Worldpay Editorial Team
July 07, 2019
Whether it's per year, per month, or per click, the so-called “subscription economy” has moved payments well beyond simple transactions. Recurring payments for utility bills, music, movies, subscription boxes, and other popular services rely on valid consumer accounts. Most often, these accounts are attached to a customer's credit or debit card.
Since account numbers associated with credit and debit cards are updated frequently, having the right customer data can mean the difference between retention and attrition. And, as more cards are updated for more reasons ranging from card replacements following data thefts to simple account updates, it's important to know the factors that can keep your recurring business healthy, online and offline.
You don't have to look any further than the mass-scale card reissuance associated with the EMV rollout in the US that began in anticipation of the fraud liability shift on October 1, 2015. There's a lot more chip cards in circulation today− and consumers are using them. According to EMVCo, as of Q4 2018, 53.52% of card present transactions in the US were made with chip cards.
As EMV-related issuance continued, reports broke in the media that some businesses were experiencing breakage in recurring payments believed to be associated with the effort. So with the EMV scale reissuance as a milestone, what should you be considering?
Reach out to us to learn more about Worldpay's account updating, recycling, and recovery services to help recurring, subscription, and one-time billing in order to turn authorization declines into approvals.
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