Payment information
What is Payment Information?
Payment information refers to the set of details required for a customer to complete an online transaction. This typically includes the payment method (such as a debit or credit card, direct debit from a bank account, or a digital wallet like PayPal or Apple Pay), as well as associated personal and billing data.
Depending on the method used, payment information may include:
- Full name of the payer
- Card number, expiry date, and security code (CVV)
- Billing address
- Bank account number and sort code (for UK direct debits)
- Email or phone number linked to a digital wallet
Given the sensitive nature of this data, any business that stores or processes customer payment information must comply with PCI DSS (Payment Card Industry Data Security Standard) to ensure secure handling and reduce the risk of fraud.
Why Keeping Payment Information Up to Date Matters
For ecommerce and especially subscription-based businesses, ensuring payment details are kept current is essential to prevent involuntary churn, when payments fail due to expired or outdated card details.
To help reduce friction and improve customer retention:
- Allow customers to manage their own payment methods via a secure customer portal.
- Ensure this portal is mobile-friendly and accessible via any device.
- Let users add multiple payment methods as a fallback in case their primary method fails.
- Implement dunning strategies, such as automated reminders when a payment fails, prompting users to update their card or account details.
Empowering customers to maintain their own payment information not only reduces strain on your support team but also increases trust and improves overall satisfaction with the buying experience.
