Why being the card-on-file is the key to a successful card portfolio.
Cardholder behavior has changed drastically as online commerce has evolved. The PYMNTS Mobile Card Services Playbook dove into cardholder behavior, specifically behavior on storing card information online. The Playbook stated that 78.9% of customers store their payment information online. Moreover, 44% of cardholders store a card on 3-5 different sites and 30.8% store a card on 5 or more sites. Cardholders are becoming accustomed to storing their card information online. For issuers, increase in card-on-file is an opportunity to secure online Top of Wallet® position and guaranteed card revenue.
Where are these cards being stored?
In short, everywhere customers pay online. Specifically, according to The Mobile Card Services Playbook, 54.1% of cardholders store a card on file for recurring household bills, 52.5% store their card at their favorite online store and 46.9% store their cards with online subscriptions.
Card-on-file, or CoF, has become a part of the majority of shoppers’ daily lives. Customers store their card for multiples reasons; for convenience, for speed, or for ease of use. Every day customers are checking out online without their card on them, creating a quick, frictionless experience.
Frictionless, that is, until the cards are new, expired, lost, or damaged.
When a new card is issued, the cardholder must go through and individually update these CoF accounts. An extremely tedious process. Not to mention, an opportunity for lost business if that cardholder reaches for a different card to update their accounts.
Wouldn’t it be nice to KNOW that your card is the card-on-file on top sites?
The CardSavr™ Platform is a solution that empowers issuers to offer their cardholders a seamless process to add any card on file anywhere cardholders pay online. As more cardholders realize the benefits of storing a card-on-file, there is greater opportunity for issuers to increase their portfolio value. Some cardholders are hesitant to put cards on file because of security risks. CardSavr’s top notch, PCI compliant technology, and security protocols can reassure cardholders that using the service is safe. With our two products, the CardSavr Platform and the CardUpdatr application, it has never been easier for issuers to get their cards on file. Visit switchme.com to learn more about CardSavr and Switch’s other solutions.