Are your recurring payments declining? Here’s why!

If you run a membership, coaching program or offer a payment plan for your products or services, you may be noticing that your clients’ credit cards are declining. Is it mercury in retrograde? No not this time. Is the world conspiring against you? Nope. Is it a sign to shut down your business and cry your way out of a bucket of ice cream? No, it’s not that!

Credit card users in the United States have all been sent new cards in the mail. These new cards are chip-enabled as credit cards with only magnetic strips were phased out on October 1, 2015. The new cards contain a new expiration date and CCV number (you know the 3 digit number on the back of your card). As soon as this new card is activated, the old card, with the old expiry date and CCV number on it becomes inactive. So when your shopping cart and payment gateway systems try to charge their card for their preexisting recurring payment plans it will be declined.

If you have ever tried to chase down a client for a payment when their expiry date changed you will know how difficult and time consuming it is. Unfortunately, the only way to fix this and get the payment from them is to call them and ask them to either provide you with the details or get them to update their new credit card details through your payment system. Each system is different so I cannot provide you with step by step instructions here.

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