Subscriber Retention Strategies for Media and Publishing Companies
As the media industry has evolved, the industry’s business models have also changed, with less emphasis on advertising as the major revenue stream and a greater emphasis on subscriptions. With this change in focus, subscriber retention is more important than ever, and specific subscriber retention strategies for media and publishing companies are needed. Since long-term […]
FlexPay’s Failed Payment Recovery Solution Named a Top Subscription Management Software
FlexPay is pleased to be included in a list of the top subscription management software by Tekpon, an online software marketplace, for our innovative failed payment recovery solution. As the subscription economy grows, choosing the right software to manage these subscriptions becomes even more crucial. Tekpon connects businesses with the tools and solutions they need […]
Why a Smooth Payments Experience is Part of Your Brand Promise
Your brand promise tells your customers what they should expect from your subscription business and how you want your customers to feel when they do business with you. Keeping that promise gives your business credibility and builds trust with your customers — it’s the lynchpin of the customer experience. And while you may not have […]
The Right Failed Payment Recovery Strategy to Improve Subscription CX
Failed payments are a pain: they disrupt the customer journey and put a dent in your carefully crafted customer experience, not to mention how much they cost you in lost revenue. And if that wasn’t bad enough, your risk of churn increases dramatically if you even let your customer know their payment didn’t go through. […]
Why Call Center Outreach Shouldn’t Be the First Step in Failed Payment Recovery
Subscribers expect a smooth payment experience month after month. In fact, it’s an implied brand promise. Just how important is this promise? Our consumer research from 2021 showed that 27% of account holders decided to cancel their subscriptions instead of giving an updated credit card when informed that their payment had failed. On top of […]
Customer Retention Generates Revenue, but Churn Creates Costs
Two things can happen when a customer’s payment fails: either your customer retention efforts are successful, or the customer churns. If they’re retained, you continue to generate revenue over the remaining lifespan of that active customer. But in the case of churn, you lose the customer and all their future revenue and LTV. Obviously, it’s […]
Subscription Business Insights: The Importance of Measuring Customer LTV
“You cannot manage what you do not measure.” This familiar saying is especially true for the subscription industry, which loses hundreds of millions of dollars each year by failing to track one key metric: customer LTV. The State of Subscription Business: Best Practices and Business Performance Drivers — our brand new study completed in conjunction with PYMNTS — takes […]
Understanding What it Means to be a High-Risk Merchant
Has the payment service provider you want to use for your subscription business deemed you to be a high-risk merchant? What does that mean and what can you do about it? You may be upset by their decision but being identified this way doesn’t mean you won’t be able to conduct business. Being a high-risk […]
Understanding Declines and Failed Payments
Every subscription business shares one enormous problem: failed payments. Failed payments are decline decisions on credit card authorization requests. But even though the problem is common, many businesses need help understanding declines and failed payments. According to Visa’s own data, an average of 24% of subscription credit card payments are declined by the card authorization […]
Updated Mastercard Merchant Standards for Subscription Billing Merchants Effective September 22, 2022
Here is an overview of the updated Mastercard merchant standards for subscription billing merchants that came into effect September 22, 2022. These apply to recurring payment transactions/subscription billing for the delivery of physical products or digital goods, but do not apply to payments for utilities, telecommunications, insurance policies, or existing debt. 1.) Merchants must disclose […]
