diff --git a/CHANGELOG.md b/CHANGELOG.md
index 90894b795..1191163da 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,6 @@
 # CHANGELOG
 
-## Next Release
+## v7.2.0 (2024-04-10)
 
 - Adds `refund` function in Insurance service for requesting a refund for a standalone insurance
 - Fix payment method funding and deletion failures due to undetermined payment method type
diff --git a/README.md b/README.md
index d0d0e0987..2a8110028 100644
--- a/README.md
+++ b/README.md
@@ -16,7 +16,7 @@ Add this to your project's POM:
 <dependency>
   <groupId>com.easypost</groupId>
   <artifactId>easypost-api-client</artifactId>
-  <version>7.1.1</version>
+  <version>7.2.0</version>
 </dependency>
 ```
 
@@ -25,7 +25,7 @@ Add this to your project's POM:
 Add this to your project's build file:
 
 ```groovy
-implementation "com.easypost:easypost-api-client:7.1.1"
+implementation "com.easypost:easypost-api-client:7.2.0"
 ```
 
 **NOTE:** [Google Gson](http://code.google.com/p/google-gson/) is required.
diff --git a/VERSION b/VERSION
index 21c8c7b46..0ee843cc6 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-7.1.1
+7.2.0
diff --git a/pom.xml b/pom.xml
index 8ab16d1c3..9759e0db5 100644
--- a/pom.xml
+++ b/pom.xml
@@ -6,7 +6,7 @@
     <groupId>com.easypost</groupId>
     <artifactId>easypost-api-client</artifactId>
 
-    <version>7.1.1</version>
+    <version>7.2.0</version>
     <packaging>jar</packaging>
 
     <name>com.easypost:easypost-api-client</name>
diff --git a/src/main/java/com/easypost/model/PaymentMethodObject.java b/src/main/java/com/easypost/model/PaymentMethodObject.java
index f8cfbfa07..a4f924e4a 100644
--- a/src/main/java/com/easypost/model/PaymentMethodObject.java
+++ b/src/main/java/com/easypost/model/PaymentMethodObject.java
@@ -60,9 +60,9 @@ public PaymentMethodType getType() {
             return null;
         }
         String objectType = getObject();
-        if (getId().startsWith("card_") || (objectType != null && objectType.equals("CreditCard"))) {
+        if (objectType != null && objectType.equals("CreditCard")) {
             type = PaymentMethodType.CREDIT_CARD;
-        } else if (getId().startsWith("bank_") || (objectType != null && objectType.equals("BankAccount"))) {
+        } else if (objectType != null && objectType.equals("BankAccount")) {
             type = PaymentMethodType.BANK_ACCOUNT;
         }
         return type;
diff --git a/src/test/java/com/easypost/BillingTest.java b/src/test/java/com/easypost/BillingTest.java
index 762264b7c..9abd59b14 100644
--- a/src/test/java/com/easypost/BillingTest.java
+++ b/src/test/java/com/easypost/BillingTest.java
@@ -14,7 +14,6 @@
 import static org.junit.jupiter.api.Assertions.assertDoesNotThrow;
 import static org.junit.jupiter.api.Assertions.assertEquals;
 import static org.junit.jupiter.api.Assertions.assertNotNull;
-import static org.junit.jupiter.api.Assertions.assertNull;
 import static org.junit.jupiter.api.Assertions.assertTrue;
 
 public final class BillingTest {
@@ -139,30 +138,4 @@ public void testDeterminePaymentMethodTypeByObjectType() throws EasyPostExceptio
         assertEquals("BankAccount", bankAccount.getObject());
         assertEquals(PaymentMethodObject.PaymentMethodType.BANK_ACCOUNT, bankAccount.getType());
     }
-
-    /**
-     * Test determining a payment method type by its legacy prefix.
-     *
-     * @throws EasyPostException when the request fails.
-     */
-    @Test
-    public void testDeterminePaymentMethodTypeByLegacyPrefix() throws EasyPostException {
-        requestMock.when(() -> Requestor.request(
-                RequestMethod.GET, "payment_methods", null, PaymentMethod.class, vcr.client))
-                .thenReturn(paymentMethodLegacyPrefixes);
-
-        // Should be a credit card with null object type and "card_" prefix
-        PaymentMethodObject creditCard =
-                vcr.client.billing.retrievePaymentMethods().getPrimaryPaymentMethod();
-        assertTrue(creditCard.getId().startsWith("card_"));
-        assertNull(creditCard.getObject());
-        assertEquals(PaymentMethodObject.PaymentMethodType.CREDIT_CARD, creditCard.getType());
-
-        // Should be a bank account with null object type and "bank_" prefix
-        PaymentMethodObject bankAccount =
-                vcr.client.billing.retrievePaymentMethods().getSecondaryPaymentMethod();
-        assertTrue(bankAccount.getId().startsWith("bank_"));
-        assertNull(bankAccount.getObject());
-        assertEquals(PaymentMethodObject.PaymentMethodType.BANK_ACCOUNT, bankAccount.getType());
-    }
 }