Subscription Sites Beware: Another Set of Credit Cards Set to Implode
Shifting alliances and partnerships in the credit card industry create big headaches for sites that use recurring billing. And it’s time to break out the aspirin again.
Last week, L.L. Bean announced it was dropping Bank of America as the official issuer of the L.L. Bean Rewards Visa Card as of June 30. Bean is moving the program to an as-yet-unnamed bank, and customers wanting to stay in the L.L. Bean rewards program will soon be issued a new credit card.
When they do, their old card numbers will go dead — which means you could have cards in your database that will be declined on billing attempts later this summer. Bean didn’t say exactly how many card holders it has in the rewards program, but noted that 20% of its customers had a Bean-branded card.
It’s a good time to check with your credit card processor to discuss ways to prevent billing declines in the wake of the Bean card change, or the next credit card industry shakeup that will inevitably occur.