Should you keep failed payment recovery in-house?
Building your own internal subscription management system is no easy feat. It took a team of intelligent, dedicated individuals, executive support, and dare we say… quite a bit of budget. You may have even taken on the next challenge — trying to understand why your subscription payments keep failing at such an alarming rate. Some peace of mind should come from the fact that it’s not a problem unique to your business. Our CEO Darryl Hicks calls it “the last unsolved problem in the payments ecosystem”.
What to do about recurring failed payments
You may have added rules to reschedule your failed payments and saw some decent returns from that. The lingering question remains: Are you sure you’re recovering all you could be? When it comes to failed payments, getting back some of the lost revenue just isn’t good enough. It’s about achieving maximum performance given the business context and traffic type.
FlexPay sees 60-70% recovery improvements over rule-based retry systems.
How we outperform rules-based systems
Our AI-powered recovery strategies use over 120 data points to determine why the payment failed in the first place. With this knowledge in hand, it then re-submits the transaction in a way that is more likely to go through. We built this technology using data from years of historical transactions provided by financial industry partners and our own database, aggregating billions of data points to teach our Machine Learning and Deep learning models to authorize payments with very few retries.
Why you need a team of dedicated payment experts
Our payment industry experts offer consulting and high-touch support throughout implementation and onboarding, including merchant account health check-ups and solution architecture at no extra cost. Once the systems are up and running, our team monitors the transaction flow and looks for new ways to optimize performance.
Why use FlexPay?
Failed payment recovery is our entire focus. We have the experience, the technology, and aggregated data to successfully recover your failed payments with the highest success rate on the market. We provide a team of payment industry experts, data researchers, and payment engineers to support your internal teams in achieving the highest performance. Let us help.
Ready to add FlexPay to your Custom CRM?
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