Account Updater in the Omni Virtual Terminal allows billing information on file to stay current by automatically updating stored card numbers and expiration dates. No action is required by you or your customer, the updated information just appears in your database!
Obviously, those who stand to benefit from this feature are merchants who store card numbers and use them for recurring billing (auto-pay). If you are a gym owner and you bill your customers monthly, you would not have to worry about reaching out to members whose payments have suddenly started failing because their card expired, their name changed, their bank’s portfolio changed (ie, switched from Visa to MasterCard), or their card was reported stolen. The updated information is provided directly by Visa, MasterCard, Discover, and Amex so you get the new information as soon as it is available.
Account Updater will not completely eliminate failed payments, but it will greatly reduce them. Invalid card information will not be automatically updated in the following circumstances:
- Cardholder opts out of the program
- Card issuing bank does not participate in the program
- Account was canceled and no new card was issued