EMV is the new credit card technology finally coming to the US after many years of use in Europe. With an embedded microchip and associated security features, these new EMV cards are more resistant to fraud, in particular at Point of Sale (POS). Unfortunately, this means that nefarious types may shift their efforts to Card Not Present (CNP) fraud—as has happened in the past wherever EMV cards have been launched.
While fraud is always a concern, what may actually impact your bottom line more is that other dreaded event: churn. This can happen because when issuers send out new EMV cards, the expiration date and CCV code often change on reissued cards. This means that cards used online with stored information may be declined. Fortunately, if your business is based on subscription model, you’re less likely to experience this type of churn since the card information has already been verified.
EMV and How It Impacts Merchants As a merchant that accepts credit cards online, do you know what measures you can take to prevent this type of churn? Do you know how to defend against its impact on avoidable credit card declines and on your monthly revenue numbers? And what fraud-prevention best practices should you have in place to guard against it? Read the Recurly EMV Fact Sheetto find out more about the new EMV technology and how it may affect you.
Activate Account Updater If You Haven’t Already If you’re a Recurly customer, you should also know about and take advantage of our Account Updater tool. This tool works preemptively, behind the scenes, to resolve a variety of potential authorization issues before the CNP transaction takes place, without requiring any customer contact. This saves you time and money. And the transaction goes through without problems, making both you and your customer happy.
As a Recurly customer, you already have the Account Updater functionality—but you do have to enable it for your site. To do that, simply go to your Payment Gateways configuration page. Visit our documentation page to learn more.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.