Our Solution Complements Your Customer Service Efforts
When we speak with merchants for the first time, we are frequently asked a question along the lines of “Should I replace my Customer Service team with your service?”.
This is a great question, and the answer is simple. “You shouldn’t!”
We Work with Your Customer Service Team
FlexPay is not a replacement for a great customer service team. We love it when we can work directly with your in-house team as our service complements their efforts.
Your team is there to provide your customers with the best experience by answering their questions, resolving issues they have, and other retention efforts. You would not usually want them calling customers because their card was full when you attempted to collect the monthly subscription fee. We have all received calls or emails reminding us of payment, and we know how awful it can make a person feel. At FlexPay, we believe in minimizing friction between a merchant and their consumer and having the experts focus on their field of excellence. Your customer service team should be no different.
How We Work Together
We help subscription, and recurring merchants recover their declined credit card transactions through a series of machine learning algorithms and models. We look at each transaction on a case by case basis, and we decide when and how to retry a specific transaction based on the metrics. This model works great when a transaction is hitting up against a risk barrier or is failing because the customer doesn’t have funds available on their card at a given time.
However, if something is physically wrong with the card, for example, it’s flagged as lost or stolen, or the card number is no longer in service, there is little the system can do. Sure, we can run the card through an updater service to try to get a new number or new expiry date (we already do as part of the FlexPay offering!), but sometimes you need a human touch to get the information updated. This is where your Customer Service team comes into the mix!
Your FlexPay CSM (client success manager) can work directly with your customer service group and provide valuable feedback and insight into which customers have failed payments unrecoverable by our system. Your team can layer these customers into outbound efforts to recapture them. By doing so, this allows your team to work much more efficiently, as they will only ever be contacting a customer that cannot be saved in other ways. This saves your team time and saves you money by only focusing on targeted customers.
To learn more about we can help your recurring business, reach out to us and a member of our team will be in touch.
You may also be interested in finding out how machine learning models compare to rules-based systems for payment recovery.
