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Fix Failed Payments & Keep Your Customers

How Legendary Companies MAKE MONEY Fix Failed Payments & Keep Your Customers In the U.S., customer churn costs businesses $136 billion per year - 34% due to involuntary churn and failed payments The Cost Of FAILED PAYMENTS Most business owners know how much revenue is coming in at the top of the funnel, but how many know HOW MUCH FAILED PAYMENTS ARE COSTING them? PAYMENT FAILURE #1 cause of involuntary churn Tal lal Insufficient funds More than 2 in 3 53% businesses lose Credit card limits 17% OR MORE 42% of subscription profits to churn Credit card changes 40% AUTO-RENEW INCREASES RISK OF FAILED PAYMENTS 35% of subscriptions automatically BUT, auto-renew increases the likelihood of failed payments. renew. Renewals account for 62% 47% of subscription revenue of businesses lose auto-renewals due to changes in payment data FAILED PAYMENTS RAISE COSTS %24 48% of businesses say chargeback rates cut into forecasted revenue 43% say increased customer service contacts from failed payments makes keeping customers more costly It costs 5X MORE TO ATTRACT NEW CUSTOMERS than to keep existing ones The Forgotten Funnel: CUSTOMER LOYALTY IMPROVING 65% CUSTOMER RETENTION Saves on Increases OF A COMPANY'S BUSINESS Improves service quality marketing costs profits COMES FROM EXISTING CUSTOMERS INVOLUNTARY CHURN & CUSTOMER TRUST X X $#@!% Customers may only learn their payment failed when their service stops Payment declines and Poor customer service experiences discourage manual renewal after a failed payment fees create customer frustration 32% OF PEOPLE WILL STOP DOING BUSINESS WITH A BRAND OR COMPANY AFTER JUST ONE BAD EXPERIENCE CUSTOMER LOYALTY BOOSTS PROFITS Decreasing churn by 5% could lead to a 25-125% increase in profits 80% of customers are willing to pay more for a better customer experience After a great experience, customers are willing to pay 17% more for services Repeat customers spend 67% more in months 31-36 of working with a business than in months 0-6 HOW TO IMPROVE CUSTOMER RETENTION Satisfied customers are less likely to cancel a subscription and more likely to add services or upgrade their existing package Know who your Understand why Learn from customer Offer multichannel best customers are customers leave complaints customer service ON AVERAGE, 13% OF RECURRING TRANSACTIONS ARE DECLINED EACH MONTH – JUST 15% OF FAILED PAYMENTS ARE RECOVERED BY TRADITIONAL METHODS Pay Attention To FAILED PAYMENTS THE PROBLEM WITH DUNNING Automatic emails lack empathy, demand customers take action, and cannot resolve customer service JUST 66% 69% 15% want to shop with retailers of customers respond to emails prompting them to update payment information of consumers want companies to show they value customer's time that offer consistent customer service REDUCE CARD DECLINES Reducing card declines can bring payment failure rates as low as 0.5% THAT'S A 70% REDUCTION IN INVOLUNTARY CHURN DIRECT DEBIT Bank-to-bank transactions reduce the number of failed transactions DIGITAL WALLETS More likely to be up-to-date and include backup payment methods PAYMENT SENT! PAYMENT PROCESSOR Choose a processor who accepts a wide variety of card brands PREVENT FAILED PAYMENTS AUTOMATED CARD UPDATER Checks card networks to update payment information behind the scenes – no customer action required We have 100% attention on one item. GRAVY HAS ITS FULL ATTENTION ON SOPHISTICATED RETRY LOGIC PAYMENTS AND PEOPLE. Selects to the optimal time to rerun transactions, based on the type of error that occurred – resolving many payment failures PERSONALIZATION "Lack of direction, not lack of time, is the Authentic human interaction can recover failed payments while improving customer loyalty problem. We all have twenty-four hour days" ZIG ZIGLAR OUR MISSION IS TO RETURN $1B BACK TO BUSINESSES BY THE END OF 2023 RECOVER YOUR PAYMENTS TODAY WITH GRAVY Sources ggravy DEVELOPED BY N NOWSOURCING

Fix Failed Payments & Keep Your Customers

shared by NowSourcing on Nov 25
Payment failure is the leading cause of involuntary churn in America. What can you do to help save on business expenses?


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