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New requirements for saved payment methods

by Intuit Updated 4 months ago

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Intuit has consolidated your billing methods into a single view to make it easier for you to manage your subscriptions. To ensure the security of that information, only the last 4 digits of the card number are displayed and you will be prompted to enter the security code to edit the card information or to initiate new purchases. You’ll also be asked for your consent to store any additional payment methods.

As the payment system has evolved, instances in which a transaction is initiated with a stored credential based on a cardholder’s consent for future use have increased to significant levels. Growth in digital commerce, together with the emergence of new business models, has increased the number of transactions where a merchant or its agent, a payment facilitator (PF), or a staged digital wallet operator (SDWO) uses cardholders’ payment credentials (i.e., account details) that they previously stored for future purchases. Recognizing stored credential transactions distinctly allows for greater visibility into the transaction risk, enabling robust processing and resulting in differential treatment.

Benefits of identifying transactions as a stored credential:

Identifying stored credential transactions specifically, allows for differentiated treatment through the authorization approval process. The results are:

  • Greater visibility of transaction risk levels for issuers
  • Results in higher authorization approval rates and completed sales
  • Fewer customer complaints and improved cardholder experience
  • Allows participation in Real Time Account Updater Service

What's changed?

To ensure the security of your saved payment information, only the last 4 digits of the card number are displayed and you will be prompted to enter the security code (CVV) to edit the card information and to initiate new purchases. You’ll also be asked for your consent to store any additional payment methods.

To add a new payment method:

Log into My Account, click your account icon in the top right corner, then Manage your Intuit Account > Payment Methods, and finally Add Payment Method. You can also edit or remove an existing payment method from this screen by selecting the active payment information and then clicking Remove.

Note: Your account must have at least one active payment method, so make sure you add a new payment method before removing the previous one.

When did this change?

These requirements have been active since September 27th, 2021. This is why you're asked for your consent to store a payment method for future use when you speak with an expert to place an order.

The option to save payment information for future use is now available in your tax software and My Account.

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