#United States #Durham, North Carolina #Spreedly #Visa cards #Payment Updates

Spreedly Enhances Visa Payment Processes with Just-In-Time Updates

Spreedly, a prominent open payments platform, has proudly announced the launch of a groundbreaking feature that aims to combat one of the most significant challenges in online payments: outdated customer card details. This problem often results in failed transactions, particularly in subscription-based models where continuous billing is essential. The new integration, known as Just-In-Time Card Updates, leverages the Visa Account Updater (VAU) to ensure merchants always have access to the most current card credentials at the precise moment they need them.

In the ever-evolving landscape of digital commerce, misunderstandings regarding the timing of payment updates can lead to significant losses for merchants. Traditional card update strategies often rely on scheduled batch processes, which may not provide merchants with the timely information necessary for smooth transactions. The Just-In-Time method, however, revolutionizes this approach by allowing real-time updates at the point of transaction. This innovation offers merchants increased control and responsiveness, leading to improved customer experiences.

Overcoming Common Payment Challenges

Spreedly's new integration comes at a pivotal time, especially for businesses heavily reliant on recurring payments. Many merchants encounter significant revenue loss due to outdated card information leading to declined transactions. The Just-In-Time Card Updates offer multiple benefits to combat these issues. These include:

• - Improved Authorization Rates: By ensuring access to the most current card details, merchants can significantly reduce the number of declined transactions due to outdated credentials.
• - Operational Efficiency: The on-demand nature of these updates eliminates the need for constant background refreshes, leading to streamlined workflows and reduced operational costs.
• - Customer Retention: Maintaining accurate card information minimizes service interruptions for customers, thus fostering greater loyalty and satisfaction.
• - Strategic Flexibility: Merchants now have more control over the timing of card updates, allowing them to align payment processing with their business needs more effectively.

“The aim of our innovation at Spreedly is to provide our merchants with the flexibility and intelligence they need to enhance every transaction’s outcome,” explains Peter Dougherty, President of Spreedly. “By enabling a card update at the crucial moment of the transaction, we ensure that our clients can protect their revenue streams and optimize customer satisfaction.”

Spreedly's collaboration with Visa is set to deepen through the integration of VAU, which is part of a broader strategy to drive greater innovation throughout the payment ecosystem. The enhancements also include the provision of Visa Acceptance across various key gateways, like CyberSource and Authorize.Net, which will further support merchants in enhancing their transaction success rates.

About Spreedly

Founded in 2007, Spreedly has established itself as a leader in the open payments space by processing over $50 billion in gross merchandise value annually across more than 100 countries. Their platform caters to a wide array of high-profile clients, including BMW, Clear, and The New York Times. With a commitment to addressing the challenges posed by an increasingly cashless world, Spreedly empowers merchants through a secure and inclusive payment ecosystem that supports strategic decision-making and operational efficiencies.

As digital transactions continue to rise, solutions like Spreedly's Just-In-Time Card Updates will play an essential role in ensuring that businesses can thrive in an ever-competitive market. With a focus on real-time data and maximized customer satisfaction, Spreedly is set to redefine the standards in the digital payment landscape.

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