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Yes, this is possible.
Once they are in their portal account, they can update their Card details by selecting the 'Edit' option from under the Payment Method Information (Single Page)/ Payment Methods(Inapp) section in the portal. Screenshots below.
Customer Portal - HP V2(Single page)
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If you're not using the Customer Portal, you can also email customers with a secure link asking them to update their payment details. This can be done using the Request Payment Method option on the customer details page.
Here's more on that.
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