Saved payment method details can continue to work even if the physical card has been replaced by the card issuer. MyTime Pay works with card networks and automatically attempts to update saved card details whenever a customer's card expires. This allows your business and your customers to continue using the card saved in their MyTime wallet without interruption and reduces the need for you to collect new card details whenever a customer card expires.
For business owners who accept recurring payments like memberships, maintaining accurate customer payment card data is one of the greatest and most costly concerns facing business owners today. When transactions on these accounts fail, cardholders can be inconvenienced and may terminate their relationship, potentially resulting in lost revenue, lost sales, and jeopardized customer loyalty.
Benefits of EnsureBill for business owners
- Maintain cash flow
- Reduce membership decline charges
- Reduce customer churn
- Maintain customer loyalty due to convenience
Benefits of EnsureBill for your customers
- Avoid membership interruptions
- Avoid the hassle of contacting customers to update expired cards.
- Increase customer satisfaction
EnsureBill can be added by MyTime to your payment processing account by emailing email@example.com. There is a fee for this feature of $5/mo per MID (subject to change).
*NOTE EnsureBill will not update lost or stolen cards, the service only applies to expired cards.
*Automatic card updates require card issuers (V,MC,D, AMEX) to participate with the network (TSYS/Global Payments) and provide this information. It is widely supported in the United States, allowing MyTime Pay to automatically update most American Express, Visa, Mastercard, and Discover cards issued there.