Payments, uninterrupted

PAN stands for “Primary Account Number.” It is a unique identifier associated with a payment card, such as a credit or debit card. The PAN is essential for processing card transactions and ensuring secure payments.

Checkout.com’s Real-Time Account Updater service is a feature that automatically updates the payment information associated with a customer’s card in real-time. This is done by obtaining information from issuers via Visa and Mastercard, and it makes sure the most current information is utilized for processing transactions.

Real-Time Account Updater continually monitors cardholder accounts for changes in card details, such as expiration dates or card number updates, and updates them accordingly. This makes payments more intuitive and efficient for both customers and merchants.

Checkout.com supports multiple payment card schemes with its Real-Time Account Updater service. The specific schemes may vary depending on your location and business requirements. Commonly supported schemes include Visa and Mastercard. Contact our payment experts or refer to our documentation for the most current list of supported schemes.

Real-Time Account Updater and batch account updaters serve the same purpose of keeping payment card information up-to-date. However, they differ in their approach and timing:

Real-Time Account Updater updates card information as soon as any changes are detected, or during payment processing, making sure all transactions are processed with the latest information available. It provides a more interruption- and hassle-free payment experience for both customers and merchants.

Batch Account Updaters typically update on a scheduled basis, such as daily or weekly. Card information is updated in bulk, which means there may be a delay between the cardholder’s update and its reflection in your payment system. Batch updates are less immediate compared to real-time updates. The choice between these two methods depends on your business needs and preferences.

Automated account updates help to reduce card declines by ensuring that the payment information used for transactions is always current.

Here’s how it helps:

Reduced declines: Outdated card information is a common cause of payment decline. Automatic updates via Real-Time Account Updater ensure that the latest card details are used, reducing the likelihood of declines due to expired cards or other issues. Enhanced customer experience: Customers experience fewer declines and payment interruptions, leading to a smoother checkout process and improved customer satisfaction.

Increased revenue: Fewer declined transactions mean you capture more revenue and sales opportunities, as customers are less likely to abandon their purchases due to declined payments.

Reduced manual effort: Merchants don’t need to manually update card information or contact customers for updates, saving time and resources.

Overall, Real-Time Account Updater helps optimize payment processing and increase the chances of successful transactions.

Real-Time Account Updater is a built-in solution that’s available via any Checkout.com integration. No additional technical effort is required.