diff --git a/CHANGELOG.md b/CHANGELOG.md
index aca68b25d..3730e0c67 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,10 @@
 - `createPlatformPayPaymentMethod` and `createPlatformPayToken` now also include an optional `shippingContact` field in their results. [#1500](https://github.com/stripe/stripe-react-native/pull/1500)
 - Added the `removeSavedPaymentMethodMessage` field to `initPaymentSheet` to display a custom message when a saved payment method is removed. iOS Only. [#1498](https://github.com/stripe/stripe-react-native/pull/1498)
 
+**Fixes**
+
+- Fixed an issue on iOS where recollecting the CVC wouldn't work correctly. [#1501](https://github.com/stripe/stripe-react-native/pull/1501)
+
 ## 0.31.1 - 2023-09-08
 
 **Features**
diff --git a/ios/StripeSdk.swift b/ios/StripeSdk.swift
index b396be9e0..b3eafb7e1 100644
--- a/ios/StripeSdk.swift
+++ b/ios/StripeSdk.swift
@@ -265,20 +265,20 @@ class StripeSdk: RCTEventEmitter, STPBankSelectionViewControllerDelegate, UIAdap
             if (paymentMethodType == .USBankAccount && paymentMethodData == nil) {
                 return STPSetupIntentConfirmParams(clientSecret: setupIntentClientSecret, paymentMethodType: .USBankAccount)
             } else {
+                let factory = PaymentMethodFactory.init(paymentMethodData: paymentMethodData, options: options, cardFieldView: cardFieldView, cardFormView: cardFormView)
                 let parameters = STPSetupIntentConfirmParams(clientSecret: setupIntentClientSecret)
 
                 if let paymentMethodId = paymentMethodData?["paymentMethodId"] as? String {
                     parameters.paymentMethodID = paymentMethodId
                 } else {
-                    let factory = PaymentMethodFactory.init(paymentMethodData: paymentMethodData, options: options, cardFieldView: cardFieldView, cardFormView: cardFormView)
                     do {
-                        let paymentMethodParams = try factory.createParams(paymentMethodType: paymentMethodType)
-                        parameters.paymentMethodParams = paymentMethodParams
-                        parameters.mandateData = factory.createMandateData()
+                        parameters.paymentMethodParams = try factory.createParams(paymentMethodType: paymentMethodType)
                     } catch  {
                         err = Errors.createError(ErrorType.Failed, error as NSError?)
                     }
                 }
+                
+                parameters.mandateData = factory.createMandateData()
 
                 return parameters
             }
@@ -842,7 +842,6 @@ class StripeSdk: RCTEventEmitter, STPBankSelectionViewControllerDelegate, UIAdap
         paymentMethodData: NSDictionary?,
         options: NSDictionary
     ) -> (NSDictionary?, STPPaymentIntentParams) {
-        let factory = PaymentMethodFactory.init(paymentMethodData: paymentMethodData, options: options, cardFieldView: cardFieldView, cardFormView: cardFormView)
         var err: NSDictionary? = nil
 
         let paymentIntentParams: STPPaymentIntentParams = {
@@ -851,7 +850,7 @@ class StripeSdk: RCTEventEmitter, STPBankSelectionViewControllerDelegate, UIAdap
                 return STPPaymentIntentParams(clientSecret: paymentIntentClientSecret, paymentMethodType: .USBankAccount)
             } else {
                 guard let paymentMethodType = paymentMethodType else { return STPPaymentIntentParams(clientSecret: paymentIntentClientSecret) }
-
+                let factory = PaymentMethodFactory.init(paymentMethodData: paymentMethodData, options: options, cardFieldView: cardFieldView, cardFormView: cardFormView)
                 let paymentMethodId = paymentMethodData?["paymentMethodId"] as? String
                 let parameters = STPPaymentIntentParams(clientSecret: paymentIntentClientSecret)
 
@@ -859,15 +858,19 @@ class StripeSdk: RCTEventEmitter, STPBankSelectionViewControllerDelegate, UIAdap
                     parameters.paymentMethodId = paymentMethodId
                 } else {
                     do {
-                        let paymentMethodParams = try factory.createParams(paymentMethodType: paymentMethodType)
-                        let paymentMethodOptions = try factory.createOptions(paymentMethodType: paymentMethodType)
-                        parameters.paymentMethodParams = paymentMethodParams
-                        parameters.paymentMethodOptions = paymentMethodOptions
-                        parameters.mandateData = factory.createMandateData()
+                        parameters.paymentMethodParams = try factory.createParams(paymentMethodType: paymentMethodType)
                     } catch  {
                         err = Errors.createError(ErrorType.Failed, error as NSError?)
                     }
                 }
+                
+                do {
+                    parameters.paymentMethodOptions = try factory.createOptions(paymentMethodType: paymentMethodType)
+                    parameters.mandateData = factory.createMandateData()
+                } catch  {
+                    err = Errors.createError(ErrorType.Failed, error as NSError?)
+                }
+                
                 return parameters
             }
         }()