February 24, 2021 by: Nick De Guise
On-Demand Recovery: What is it?
We offer On-Demand Recovery for customers to test our failed payment recovery solution before completing an integration with our API. On-Demand Recovery involves the customer sharing a file that contains a history of declines for our solution to process and recover the failed transactions. We saw a need for this as our team received requests from clients that they wanted to test our system before committing to the integration, and we wanted to show our clients the power of our recovery solution.
Two Reasons to Try On-Demand Recovery
There are two main reasons you want to use our On-Demand Recovery offering. The first is to test our platform, and the second is to speed up the road to recovered revenue while your team is integrating with FlexPay.
We realized early on that a technical integration is not easy for everyone to do, and sometimes you want to test a service before you commit your development resources to it.
On-Demand Recovery was explicitly designed for merchants to test our recovery engine without needing to complete an integration. While this system is not as efficient as the full integration, it still leverages the power of our machine learning engine and helps you understand what your recovery would look like when you integrate with us.
Recover Revenue Quickly
The other main benefit of On-Demand Recovery is that you can start recovering revenue immediately!
Imagine this scenario:
- You have $1 million in recurring revenue monthly.
- You are currently recovering 15% of those declines through your efforts.
- FlexPay can get you 30% recovery instead of the 15% you are doing now.
- Your development backlog will require at least three months to complete the integration due to other priorities.
If you have no other option, you are losing $45,000 while waiting for development room. But with On-Demand Recovery, you can start recovery as early as tomorrow and start pocketing additional revenue immediately while you wait for the integration.
How It Works
So, how can you take advantage of On-Demand Recovery?
The process is straight forward and follows these steps:
- You prepare a file of declined records that is securely sent to FlexPay.
- You put those customers ‘On Hold’ in your CRM while we attempt recovery.
- Our team creates an account for you in the FlexPay portal and configures the platform for your file. We will use the same account after you’ve tested FlexPay and completed the integration, so it saves you time post-integration!
- We load your prepared file into our solution.
- And then we’re off! Recovery starts happening.
Once the process has started, you can expect an update daily. This update can be customized based on your needs. At minimum, it includes a list of all customers that approved during the previous days’ recovery attempts and a list of any customers that are deemed as unrecoverable. Our team will provide a return file with updated responses. If specific requirements are needed, our Client Success team can deliver a customized return file for you. We’re that flexible!
This is a great question, with three easy answers.
- This offering is a great way to start with FlexPay, but it doesn’t leverage all our decline engine functionality.
- On-Demand Recovery requires more effort on your part and is not as seamless – you need to send the decline file continually, and you need to put the customers on hold in your system.
- You lose the ability to have the FlexPay response directly updated in your CRM.
When you are fully integrated with FlexPay, your system and our decline salvage engine work in tandem to get the best possible recovery for your traffic. Your system, your customer service team, and the FlexPay engine all pull together in the same direction. When you are running our On-Demand Recovery, there is a slight disconnect between the systems that can cause inefficiency. These are minor in the short term, but in the long term, they can reduce the overall recovery by a couple of points, and every point of recovery equals more dollars in your pocket!
All of this is to say that this solution is a great immediate recovery solution. It allows you to test our solution, and most importantly, start recovering revenue quickly and effectively.
Ready to try On-Demand Recovery? Schedule a consultation!