Just in—Recover Payments, powered by LTVplus, now officially integrates with Recharge!
We are beyond excited because this integration will help more subscription businesses recover up to 50% of monthly lost revenue and improve customer retention at the same time.
How Recover Payments Helps Recharge Merchants Reduce Churn
Subscription businesses can relate—no one likes failed payments. However, this happens even to the biggest and most popular subscription-based providers.
Each time that a customer is charged but the payment doesn’t go through, the business loses revenue right there and then.
Currently, Recharge offers automatic retry settings. When a charge is declined, Recharge automatically retries based on intervals that you can set. This will then set off a basic dunning sequence as Recharge informs the customer that the payment failed and will ask the customer for updated payment information.
But, not all failed payments are due to card failures.
Here are some of the most common reasons behind failed payments:
- The credit card is maxed out or has insufficient funds
- The card has expired
- Possible suspicious activity detected by the system
- Human error (eg. Typographical error on the card number)
In fact, did you know that businesses lose around 10% of revenue due to failed payments—most of which are involuntary?
Since customers didn’t mean for these issues to happen, the failed payments were not intentional. This makes the possibility of recovering those payments pretty high.. If you know how!
Enter Recover Payments!
The Recharge integration combines technology with a human touch. It is designed to enhance existing dunning sequences by injecting a personal touch in the form of Payment Recovery Specialists. Not only can they personalize the recovery strategy, but they can also take a deep dive into the true reasons behind customer churn.
What Does The Integration Do?
The integration between Recover Payments and Recharge helps merchants recover failed payments. This will then lead to a decrease in overall churn and an increase in customer lifetime value (CLTV).
Here’s how it works:
- Integrate Recharge with Recover Payments.
- A Payment Recovery Specialist will be assigned to your brand and the total amount of revenue you are losing will be uncovered.
- All of your failed payments can be viewed in the Recover Payments CRM for monitoring by merchants and the recovery team.
- The Recover Payments Specialist will work on recovering payments, executing cadences, and monitoring the progress of each transaction across multiple channels.
- You, as the merchant, can access the CRM anytime to view real-time data on what is being done, the number of contacts reached out to, and the current recovery rate.
Experience Hands-Off Payment Recovery
Highly-skilled Recover Payments Specialists know the ins and outs of failed payments. Additionally, they can adjust the strategy depending on the customer and the business.
Equipped with the Recover Payments CRM and dashboard to monitor the recovery efforts, these experienced and trained agents work seamlessly in the background to recover your lost revenue.
The result is a service that pays for itself essentially—businesses are able to pay for the Recover Payments platform and service from the recovered revenue over time.
Want to learn more about how to set up Recharge with Recover Payments? Our team would be happy to talk to you.
Book a discovery call with the Recover Payments team.