In the present era, you will be hard-pressed to find a customer who doesn’t have at least one credit card in his wallet. When used wisely, credit cards can make an excellent tool for establishing a secure and stable financial future for your business. However, one aspect of having a credit card that can make you and your clients bothersome is – the expiration date.
In this post, you will find everything you need to know about credit cards and the things you must look out for as a business.
Essential Points You Need to Know About Credit Card Expiration
-Expiration dates on credit cards are intended to account for normal wear & tear and fraud prevention.
-The expiration date on a credit card might refer to the card expiration, not the account expiration.
-When credit cards expire, you, as a business, can grab the opportunity to send notifications about expiration.
Notifying Your Consumers About Expiring Credit Cards
Have you been notifying your clients about soon expiring or recently expired credit cards? Not informing people when their credit cards are about to expire or have already expired can result in declined payments and reduced business revenue for you.
Of course, the time and resources you are using to focus on reminding clients and chasing failed payment is something that you may put towards growing and developing your business. Most of the companies think so and avoid reporting clients about their credit card expiration. But in the long-run, they are putting their business in trouble.
If you want to run your business efficiently, make sure to keep updating your customers about expiring credit cards. Now the question is – how to stay in the know about soon expiring and recently expired credit cards? The best solution is to use an online tool, like Chargezoom.
Chargezoom delivers you two helpful credit card reports directly into your Report Center that help you keep track of everything in detail. These two reports are as follows:
- The Credit Cards Expiring Soon Report – The report will provide you a record of all credit cards being charged for their subscriptions and are expiring soon within the coming 30 days. This list can help you remind your clients to upgrade their payment procedures before their payment dates come around.
- Recently Expired Credit Card Report – You can’t always prevent the payment method of a customer from expiring with no payment method updated to be found. This is where Chargezoom has got you covered with this built-in report system. The report lists all of the clients with a payment method for their subscription that has recently expired.
With these two reports, it is easy to keep track of which consumers require to update their payment system and when payments fail due to expired credit cards. Without any doubt, you knowing about soon expiring credit cards is only half the job. Your consumers also require to know about their credit card expiration.
Now, the questions running in your head might be:
- Is it possible to contact all clients and tell them about their credit card expiration?
- Can I still have time to run my business and do daily tasks?
We know the process of informing clients about their credit card expiration is time-consuming and daunting. Fortunately, with Chargezoom, you do not have to worry about managing all this on your own. The software makes it easy for you to let your clients know when their payment method is about to expire.
All it requires is – a fast set-up in Reminders configuration for all your clients to always be informed when their credit cards are about to expire or have expired without any extra work for you.
Chargezoom will even send your clients a secure link that enables them to update their payment method details right away. When you use Dunning & Reminders of this software, the outcome is streamlined communication that encourages consumers to take relevant actions. At the same time, you ignore spending your time updating details or chasing payments.
All in all, Chargezoom can automatically send consumers a notification when their credit cards are about to expire or have expired lately. Now that you know how Chargezoom can make your job easy and help you focus on other essential business tasks – what are you waiting for? To figure out how to arrange expiring credit card alerts in your account, feel free to talk to the professional customer support team. They will help you understand how to keep you and your clients in the loop and your recurring billing system running efficiently and smoothly.
You can also have a free 30-day trial to optimize how this software can make your job easy. Give it a try today, and be ready to see a positive change in your business.