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Loop’s advanced dunning management helps you fight the revenue loss from failed payments and makes sure you are able to maximize your subscription earnings.
Loop’s advanced dunning management helps you fight the revenue loss from failed payments and makes sure you are able to maximize your subscription earnings.
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You’re having a great day, subscriptions are running good. And suddenly you see your payments getting cancelled because of expired cards.
Do you know how much revenue you are losing to expired cards and failed payments? Guess what, it can be up to 20%.
Not a great feeling, right?
Payment failures are a common issue with subscription orders for eCommerce merchants.
To battle this, we have come up with a dedicated dashboard to improve revenue realization with the smartest dunning management. No one else does this.
Our advanced & smart dunning management systems helps you to analyse your high-risk subscriptions and in turn realize more revenue.
Once a payment attempt fails, Loop's subscription app takes a shot at retrying the failed payment. This happens over not one but two separate billing cycles.
We have also given the merchants the power to configure the number of attempts.
So if your payment doesn’t succeed on the first try, Loop attempts it 2-4 more times.
That way if the customer has a low balance at a specific billing date (say 1st of a month), you can try the payment attempt 4 more days or maybe 14 more days later.
This ensures that there is no revenue loss because of failed payments.
Loop has built a smart engine that identifies and displays high-risk customers to the merchants if the customer happens to fall in the following category:
Your retention team can easily fetch a list of all these high-risk customers and send them an email to update their payment method.
There are many reasons why payments might fail. With Loop, you get advanced analytics with all the reasons behind why these payments fail.
DTC teams can discuss these reasons internally and work on a strategic plan to eliminate each one of them.
For instance if the reason for payment failures is that credit card has expired, brands can use our high-risk subscriptions feature to identify such situations proactively and reach out to those subscribers.
Set up email or SMS based notifications to your subscribers informing them about payment failure. Use Loop & Klaviyo or Loop & Attentive or any other Shopify app's integration with Loop to send out these communications.
Once your customers see the reminder, they can quickly update their card details and make sure that their subscriptions are resumed.
Easily set up weekly alerts and automate sending your DTC team crucial data -> A list of all the subscription payments that are scheduled for the upcoming week.
You can export all this data in .csv format at the click of a button and run personalised campaigns for specific customers on a monthly basis.
From our dunning management dashboard, you get all the important revenue metrics like:
Revenue recovered with Loop is the revenue which Loop has helped the brand to through the smart dunning management features
Loop’s advanced dunning management helps you fight the revenue loss from failed payments and makes sure you are able to maximize your subscription earnings.
Payment failures are a hidden issue in the list of problems that DTC teams have to face. Don’t let this silent monster eat away your revenue. This is a quick win if you are coming up with retention ideas and want to stop your revenue from falling!
Start reducing your payment failures today!
