The Emotions of Failed Payments
Improve revenue and retention by grasping the emotional implications of failed payments
Failed payments are painful. Painful for your customers, and painful for your bottom line.
In fact, research has shown that 87% of customers faced with negative interactions are less inclined to make further purchases. And while failed payments happen to every business, how you deal with them can mean the difference between a lost customer and one that continues to bring in revenue month after month.
It all comes down to the customer experience.
During this 30-minute conversation, you will learn:
- The emotional impact of failed payments on customer satisfaction
- How to apply general CX principles to failed payment recovery
- How using behavioral science can encourage customers to help solve their failed payment
- Case study: How Alder recovered an additional 34% of their failed subscription payments
Tatiana CrisanSr. Product Marketing Manager, FlexPay
As a seasoned marketer with 10+ years of experience, Tatiana has launched multiple successful products in various industries such as Subscriptions, Payments (including SaaS and hardware), Text Analytics (AI), and eCommerce.
One of her core areas of focus is measuring and improving the product/market fit. She is passionate about customer experience, having researched the topic for over seven years, and actively integrating it into business practices.
What sets her apart is her ability to bridge the gap between technical innovation and commercial viability. Tatiana helps organizations to leverage their technical advancements and transform them into revenue-generating opportunities. Her expertise lies in crafting product language that simplifies the buyer journey and ensures a seamless customer experience from start to finish.
Amarachi Nasa-OkolieBehavioral Scientist, Symend
As a behavioral scientist and economist at Symend, Amarachi works on translating scientific insights from behavioral economics and social science literature to inform the design of customer engagement strategies. She is passionate about utilizing data-driven approaches to create positive social impact.
Amarachi’s comprehensive knowledge of how social, cultural, economic, and political systems affect behavior helps her conduct thorough situational analyses and synthesize data to inform the design and planning of social and behavioral activities.
Currently, her job entails creating and optimizing behavioral interventions to reduce payment failures, including discovering what psychosocial barriers are preventing people from acting on their past due bill and using information from behavioral economic formal and informal resources to encourage them to take action.