Visa, MasterCard, and Discover provide enhanced credit card products for consumers with high disposable incomes and high card spending. These cards encourage usage by offering the cardholders additional benefits usually including reward incentives, no pre-set spending limit, higher authorization approval rates, faster access to a customer service representative, and dedicated chargeback resolution support.
Vantiv’s analysis of payments data indicates that consumers using these cards types typically spend more per order than consumers using traditional credit and debit cards. The Affluence Indicator feature provides the ability for merchants to segment their consumers based on the affluence level as determined by the issuer. Within the LitleXML Authorization response, consumers using these enhanced card products are classified either as Mass Affluent or Affluent. Based upon the specific card type, high income consumers are classified as Mass Affluent, while high income-high spending consumers are classified as Affluent.
Having this information at the time of authorization, allows merchants the opportunity to adjust their sales approach to the needs and spending patterns of the consumer, potentially generating additional sales. Having this information on file for later analysis also may provide the opportunity for targeted marketing campaigns and future sales.
For additional information please refer to the Vantiv LitleXML Reference Guide [link to LitleXML Reference Guide PDF on Jive]
Learn more about additional services available for eCommerce merchants.