Spreedly has launched a payment vault solution that improves transaction success.
Advanced Vault combines modern lifecycle features and network tokenization with active management to optimize how payment methods are stored, refreshed and used, Spreedly said in a Tuesday (June 6) press release.
“We are offering an easy way to incorporate industry best practices while still creating the opportunity for savvy payment teams to add rules and configurations to best meet their unique needs,” Spreedly CEO Justin Benson said in the release.
Spreedly’s Advanced Vault monitors and maintains payment methods to eliminate overpayment for unnecessary account updates, reduce duplicate payment methods, improve data quality, automate best practices in vault management and decrease transaction decline rates, according to the press release.
The product keeps card details up to date, manages payment methods and expands payment attributes.
It is meant to help customers reduce the costs of their current payment retention methods that require payment teams to create and manage the optimization process themselves, Benson said in the release.
“Advanced Vault is the latest example of how Spreedly has invested in solutions that optimize payments for customers and enable them to get the most out of their stored payment credentials,” Benson said.
Payment service providers must adopt new approaches to keeping payment details on file in order to keep payments from failing because a cardholder changed banks, got a new card or replaced a card that has been lost or stolen, Spreedly Vice President of Product Management Joe Meuse told PYMNTS in an interview posted in May.
If payment information gets stale and payments are unable to be processed, cardholders see their subscription go dark, and providers lose customers, Meuse said.
By using lifecycle technologies, providers can avoid these problems and make sure the card is available whenever the customer is ready to make a payment, Meuse added.
“Data changes over time [and] you need to be invested in optimizing the vault, keeping it clean and efficient … and the data show that many merchants are not doing so with the best practices in place,” Meuse said.