The 15 direct mail marketing brands have successfully recovered several hundreds of transactions through the FlexPay platform during the platform’s beta testing phase. These customers are seeing recovery rates between 30% and 50% of declined transactions.
On a similar note, our first major nutraceutical company gave us access to their historical transactional data, which we integrated into FlexPay’s machine learning models before we started processing their transactions. As such, our success rate was much higher than expected, with over $500,000 per month in recoveries, representing a 300% improvement over their manual customer recovery teams.
In addition, FlexPay has several new major clients who have successfully completed their integration this month and are eager to begin processing. We are extremely pleased by the results of our first customers, and look forward to sharing more successes as they arise.