MPP Global’s eSuite Platform Demonstrates Industry-Leading Recurring Payment Processing
MPP Global reveals how the advanced functionality for retry rules and grace periods enabled clients to continue processing recurring payments during the recent Europe-wide service disruption experienced by payment network Visa. eSuite currently processes hundreds of thousands of transactions every day for 20 million+ subscriptions across the Publishing, TV, Sports and Retail industries.
On 1 June 2018, a service disruption prevented the processing of millions of Visa debit and credit card transactions in Europe. During the disruption, many customers were unable to use those cards directly to make purchases, while shops and merchants were unable to process both one-off and recurring payments.
Several hundred European customers, whose subscriptions are powered by eSuite, had their recurring payments declined. Despite this, 91% of these payments to date have been successfully collected and processed thanks to the functionality available through the retry rules and grace periods. This percentage continues to rise as the retry journeys progress.
The time-based retry rules and grace periods are configurable on an individual subscription or global basis. This means that customers continue to have full, uninterrupted access to their content during the retry period. Absence of this functionality would have otherwise resulted in a 100% churn rate of renewals during a period of disruption.
“This unfortunate situation highlights the importance of a flexible SaaS platform to power subscription management and recurring billing. Clients who offered payment methods alongside credit and debit cards, such as SEPA & BACS Direct Debit, Carrier Billing, and offline payment types were in a much stronger position to continue providing their customer base with the very best experience,” said Paul Johnson, CEO and Co-Founder of MPP Global.
“For clients using the eSuite SDK, payment methods can be easily promoted or demoted from the customer payment flow. The fact that our clients were so largely unaffected during the disruption is a testament to the intuitive functionality we continue to develop in our eSuite platform.”
David Kiernan, Application Manager, The Irish Times, said: “Over the weekend of 1 June when renewals were being processed, The Irish Times saw a rise in the number of subscriptions that went into retry due to the Visa payment processing issue.
“We’re very pleased that with eSuite’s retry rule and grace period functionality, we were able to successfully capture these subscriptions and renew them without issue, preventing unintended churn in the process.”
To find out more about the key features of eSuite, visit https://www.mppglobal.com/platform