Each year over 700 MILLION U.S. credit and debit cards (about 1-2 cards per person) are lost, stolen, or reissued.
$40 BILLION is lost each year because of online credit card transactions being declined.
Customer to Merchant Impact
Card becomes out-of-date
- Card is lost or damaged
- Card is stolen or compromised
- Card expires
- Issuer reissues card due to fraud
- Issuer reissues card with new chip-based (EMV) cards
- Issuer changes card types (Visa to MasterCard)
Payments are declined
- You lose sales
- You spend more on customer service, addressing the declined payment and taking calls
- Customers may not make purchases
- Customers may make purchases from another merchant
- Customers don’t receive their products or services
Customer needs to update card
- Might not know or remember that this card is being used on your site
- Must log into the account page on your site and update the card
- Must repeat this for multiple web sites where the card information is stored
SWITCH helps customers update payment information, ASAP
With SWITCH™, your customers can smoothly update their payment information on your site, and on other sites where they pay online. With just one step, they can update all their sites with new account number, expiration date, and other details.
Why provide SWITCH to your customers?
- Less failed transactions
- Uninterrupted service for your customers
- Improved customer satisfaction and loyalty