Did you know nearly 19% of subscription declines result from bank rejections, causing false positives on legitimate card-not-present transactions?
In an era of rising customer acquisition costs and declining credit card approvals, addressing this challenge is crucial for businesses aiming to boost their bottom line.
Following an initial decline, credit card dunning attempts to execute multiple payment retries. But what happens when these attempts fall short?
Solvpath is encouraging merchants to start a targeted subscriber recovery campaign. Focused on updating payment method for failed transactions. Its all about creating automations, and spending a few minutes to build a simple outbound campaign that can significantly increase rebills and retention as much as 7-12%.
Leveraging applications like Sendlane or Klayvio empowers merchants to automate the process for both email and SMS, swiftly flagging non-functioning cards—whether on hold or in a recycled failed status.
Solvpath’s customer portal enables businesses to efficiently update payment methods and reactivate dormant subscriptions.
Here are some tried-and-true techniques:
- Offer enticing discounts on subscriptions
- Combine discounts with frequency adjustments
- Provide complimentary product add-ons for current or future orders
- Extend a last-chance bundle offer with a discount
CEO Carl D’Agostino emphasizes its simplicity and effectiveness, stating, “Merchants dedicate considerable effort to acquiring customers, yet unintentionally overlook a strategy for retaining them. That’s precisely where we shift our focus and can help. Our approach is straightforward, very effective, and has the potential to provide a significant lift to their bottom line.”
Connect with a solvpath specialist today to unlock the potential for increased rebill and retention rates, ultimately transforming your bottom line.
