Real Time VAU coverage will help European businesses increase revenue and authorisation rates from card-on-file payments by automatically updating Visa accounts in real time. This in turn prevents involuntary churn, according to company intel, and since Adyen automatically connects to the schemes account updater services, there is no integration.
Neil Caldwell, SVP, Merchant Sales & Acquiring, Europe at Visa explains that it can be a point of frustration for consumers to have to update their new card information with multiple merchants, and this can create a poor experience for those customers. In this sense, by employing Real Time VAU, Adyen's customers can bypass that friction and make the checkout smooth.
The feature, which was previously only available in North America, allows businesses to update customers' stored card details in real time. When a merchant submits a payment, Real Time VAU instantly checks for the latest card details. If there's an update, Real Time VAU will immediately replace the payment request with the updated card details. This all happens as the payment is being processed, and appears as a single transaction.
Real Time VAU is a part of Adyen's RevenueAccelerate product suite. By using data and machine learning, businesses are able to unlock more revenue by increasing authorization rates, creating better customer experiences, reducing involuntary churn, and lowering payment costs. Adyen has been offering Real Time Account Updater with a number of global card networks since 2017.
Global financial technology platform Adyen announced several product upgrades this summer, starting with and not limited to its Tap-to-Pay method for iPhone users launched in July 2022.The new functionality allows businesses to use Apple’s products to accept contactless payments without having to purchase or manage additional hardware like POS.
In August 2022, Adyen rolled out its first in-house designed terminals to facilitate diverse payment use cases. The terminal range marks the latest step forward in Adyen’s growing unified commerce offering. The devices realise customer needs to be mobile and accepting payments spanning a tap, dip, or swipe. The terminals run on Adyen’s single platform, which enables end-to-end control and tailored payment flows at the Point-of-Sale.
Most recently, in September 2022, Adyen partnered with British digital commerce platform VTEX to accelerate bands and retailer’s growth with unified ecommerce across all touchpoints. Adyen created a unified commerce destination, equipped with anti-fraud and acquiring services to enable increased efficiency and performance across online and offline activities.
Adyen provides end-to-end payments capabilities, data-driven insights, and financial products in a single global solution. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft.
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