Failed payments and declined credit cards are part of every business, especially if your service is subscription-based. Customer drop-off rate, lost accounts, and lower revenue are all closely tied to unsuccessful transactions.
With Chargezoom subscription management tools, you can improve these aspects of your business.
Chargezoom clients come from various B2B and B2C industries heavily reliant on the subscription model. Thousands of our clients have big subscriber bases with significant annual income. The reason why we’re focusing on numbers and figures right now is to tell you how we use the data to tailor our services to suit your specific business needs, all based on real-life insights.
Numerous data points and insights we gain on an everyday basis enable us to fully utilize this resource. This is why we combined Chargezoom’s expertise and innovation in subscription and recurring payments management to start offering our clients a perfectly tailored tool: Chargezoom Income Optimization Suite.
The Income Optimization Suite relies on innovation and constant learning. We combined machine learning with statistical modeling and a unique email invoicing system to create something new and relevant. So far, we’re proud to report a 10% revenue increase in our customer base.
Recurring payments with credit cards
Debit and credit cards remain the most widely used payment method in the US, not only for one-time payments but for recurring transactions, as well.
The principle behind the recurring payments model is simple. The customer’s credit card is charged at the end of each billing cycle. Yet, up to 13% of recurring payments fail each month.
The reasons for unsuccessful payments are multiple. Technical issues or stolen credit cards, insufficient balance or specific restrictions for the customer’s credit card issued by the bank are only the most prominent ones. In result, due to causes beyond customer’s relationship with the product, businesses encounter unwanted customer drop-off.
What we do
Most companies have predefined payment retry procedures in place. But, as we at Chargezoom see it, failed payments need to be addressed individually with problem-specific retry schedule. Using machine learning and advanced algorithms, we set up a smart retry scheduling plan tailored to your business model.
By approaching the failed payments individually, we manage to recover and renew up to 60% subscriptions. Instead of losing the customers for reasons beyond their control we offer you a tool to increase your revenue.
Chargezoom payment retry schedule is dynamic. We update it each billing cycle to accommodate your specific subscriber base. This dynamic also enables you to cover wider billing and customer account issues. By covering more aspects in short timespan, you also gain a more stable income flow and subscriber retention at the same time.
What your customers gain
Chargezoom Income Optimization Suite enables smooth communication between you and your customers in payment failure situations.
You can tailor your message to their specific payment issue, without unnecessary or unhelpful sidetracking. The customers can continue to use your service while you provide them email communication to address the payment issues. This way you can continue providing value to your customers and improve your revenue level at the same time.
Dynamic innovation and Income optimization
We constantly adapt and improve our tools to maximize our client’s subscription rates and revenue.
Chargezoom Income Optimization Suite is now available in form of Professional or Enterprise Plans, with continuous expert support.
Subscription billing is a competitive business advantage. When you manage payment failures and customer drop-off successfully you can see its full income-generating potential. Chargezoom is here to help you reach it.