Credit Card Updater Program: What you should know
The credit card updater service allows for the automated updating of new cardholder information when a card is reissued. Annually, 30%+ of credit cards are reissued due to expiration dates, lost cards, data breaches and now EMV chip cards. This has resulted in increased decline rates. We are seeing rates from 5-15+%.
Forte has worked to leverage the MasterCard and Visa updater programs to reduce your decline rates.
How it works
Each month around 3rd week ALL of your credit cards on file with Forte are sent to the network, Cards with actionable updates come back and replace the stale card. You still use the same token inWaterFlex.
Expectations
Based on beta testers we typically see the following: First run of your cards typically updates 20-30% of cards on file. Thereafter 2-6% of cards are updated [range depends on customer base and biz type]. With VISA mandate for all credit card issuing banks [Issuers] to participate we expect these effective rates to improve.
What does it cost?
.50 per successful update and $25/month.
