Failed Payment Recovery: Why the Method You Use to Recover Customers Matters
Understanding the various types of recovery solutions and their impact on the customer experience.
SummaryThe single biggest cause of customer churn in subscription businesses are failed payments, and the strategies you implement to recover those failed payments matter. Research shows that customer visibility to the failed payment created through service interruptions and dunning approaches are also drivers of churn. By employing Invisible RecoveryTM solutions first, you can recover the declined transaction without involving your customer and therefore reducing churn. During this webinar you’ll learn:
- Failed payments deep dive – why they happen, how they create customer churn, and the harm they do to revenue, profitability, and customer satisfaction.
- A review of failed payment recovery methods and the unintended costs of some approaches.
- Failed payment recovery best practices – a strategic roadmap for layering recovery tactics to optimize revenue recovery while avoiding customer churn.