February 9, 2021 by: Alex Moisley
How Do I Make Sense of Stripe’s Payment Failure Reports and Metrics?
With over one million customers, Stripe is a complete payments platform. Their platform makes it easy for merchants to process online payments.
Unfortunately, helping you understand your failed payments and decline recovery metrics is not Stripe’s strong suit. Their dashboard doesn’t make it easy to identify which transactions declined. And with the average subscription merchant declining at a rate of over 23%, those declines are in there (we’ve seen them time and time again!).
Luckily, our data science team is here to help!
From a simple export, our team will analyze your data and provide you with insight into your:
- Decline Rate – how many customers are you losing to involuntary churn
- Recovery Rate of Declines – how many lost customers you are recovering
- This is what our team refers to as your baseline; how many lost customers you are already recovering
- Forecasted Uplift – customers that FlexPay can help you recover
First, you will head to the ‘Payments’ tab and select ‘All’. From there, hit ‘Export’ in the right-hand corner. Yikes…look at all of the red payment failures!
Next, you will need to select ‘Custom’ in ‘Date Range’.
We usually need a minimum of six months of transactions, but the more data we have, the better. This helps us generate the most accurate and fairest assessment of your metrics.
For this example, the customer is in the month of February, so they provided us with a seven-month export from the beginning of June 2020 until the end of December 2020. It is important that the current month (February, in this case) is left out as those declines are still being retried and recovered by Stripe and counting them might artificially decrease your recovery rate and subsequent baseline.
In the same ‘Exports payments’ section, make sure you select ‘All Columns’. Finally, hit ‘Export’ and send your CSV file over to us.
That’s it! Pretty easy, isn’t it? We think so! Our team is happy to help with any questions that come up along the way. Contact our sales team for more information.