Optimizing Your Recurring Card Payments And Reducing Churn
Payments don’t just work. Every step along the path to gaining new recurring card payments for your services is important, but the hard work isn’t over once you have convinced someone to make their first payment. This guide covers everything you need to know to optimize your recurring payments. There are plenty of ways that users can be persuaded to stay with their current service, and to reduce churn. In the guide, we go into detail some of the tried and proven methods that ensure maximum approval rates, as well as minimizing churn.
What you'll learn in this guide
Increasing Approval Rates
Find out some of the best tactics we've found for increasing the number of approvals our clients achieve every month, reducing churn and cutting down on time spent chasing payments.
Card Updater Services
Businesses can expect that around 24% of cards registered for payments will expire in any given month, which presents a major challenge. Find out how this can be resolved with eSuite.
Just because a payment has failed doesn’t mean that the customer doesn’t want to or is unable to pay. Sometimes it’s just a case of getting the timing wrong, so suppression windows can help avoid this.
Turn The Churn
Targeted offers and promotions such as discounts, free months, additional entitlements etc are all methods that could be adopted to reduce churn. Additionally, being able to pause subscriptions, as well as added functionality such as upgrading / downgrading memberships can be used to tailor the user experience.