PROMOTED CONTENT ☛ WEB VERSION: Click Here
recovery process. Vindicia’s experience handling millions of transactions worth billions of dollars provides a unique insight as to why transactions are failing, as well as options for recovery through its industry-leading Vindicia Retain technology.
Sharath Dorbala, CEO from Vindicia says: “By applying analytics to failed transactions, we’re able to ‘heal’ these transactions without disrupting the subscription service to the consumer. We apply subscription intelligence based on our vast data set of payment transactions to extract invaluable insights into the best way resolve terminally failed transactions, enabling TJC and its subscribers to continue the subscription relationship they both would like to keep”
This capability to reduce failed transactions is also key to the growing subscription model industry.
Simon Chandramani, VP Sales EU Card Processing at Paysafe Group, says: “In today’s digital age, the subscription economy is thriving. Consumers can subscribe to a vast array of online and physical services including TV and movies, music, fresh produce parcels, f lower bundles and pet supplies. However, there are challenges when it comes to billing. By ensuring consumers can set up a subscription service easily as well as minimising the failed transaction rate once recurring payments plan has been authorised, merchants
will be able to achieve great recurring revenue. Retailers will also have the time to focus on creating new innovative products and retain customer satisfaction. Without this, the subscription economy will never reach its full potential.”
The partnership: Recovering failed payments and revenue for TJC Managing these types of payments with maximum effectiveness is not a task that can be solved by one company. Collaboration is needed across industries to ensure payments are being collected accurately and efficiently. Paysafe’s payments platform equips merchants with a diverse and efficient means of accepting payments from around the globe, for example taking payments for TJC through the phone or online, typically through both debit and credit cards.
Paysafe processes and controls the payments involved in both Vindicia’s Retain solution, as well as Vindicia Subscribe, which manages the entire customer lifecycle from customer acquisition, onboarding, promotions, billing, retention and more. The objective of the partnership is to enable merchants to successfully bill unprecedented volumes of recurring payment transactions by automatically resolving previously declined card payments. In this instance, the partnership has enabled TJC to successfully recuperate 35 per cent of recurring transactions.
homeofdirectcommerce.com | Direct Commerce
“By ensuring
consumers can set up a subscription service easily as well as minimising the failed transaction rate once recurring payments plan has been authorised, merchants will be able to achieve great recurring revenue.”
Retailers such as TJC are constantly evolving, developing new products and services as well as diversifying offerings. Often the sticking point for merchants like TJC that want to offer a recurring payments model is failed payment card transactions, which is frustrating for both the merchant and consumer, particularly when they can be so easily remedied. As we have seen with TJC, by working together and utilising each other’s strengths and expertise, Paysafe and Vindicia have been able to achieve a significant successful recovery rate. This has helped TJC to increase its revenue, reduce churn, enable seamless customer experiences, and extend customer lifetime value. With the tumultuous times retailers have been going through due to the COVID-19 pandemic, this has never been more important.
51
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62
