IRVINE, Calif. Meritus Payment Solutions has announced the launch of an account updater solution, Update XP. Partnering its PCI-compliant global payment platform, Payment XP, with major credit card companies, the system exchanges up-to-date card account information electronically, helping recurring and subscription-based merchants to maintain accurate customer databases.
“For businesses that process recurring-based transactions, keeping up-to-date card information can be especially challenging,” says Alan Kleinman, Meritus principal. “According to MasterCard, 30 percent of all recurring transactions typically decline due to expired card information or account changes. Update XP allows merchants to access and recover revenue that would typically decline, empowering them to maximize sales.”