Automatically increase your credit card success rate by up to 20%.
Some churn due to outdated credit card details is inevitable. But with a smart, strategic, multi-step approach to processing renewals, you can keep churn low so it never interferes with your bottom line.
Our comprehensive set of Revenue Retention Tools equips you with everything you need to effectively process more renewals and retain more customers.
Our Full-Service Approach to Revenue Retention
Account Updater automatically updates outdated credit card information
Expiration Date Checker attempts to reauthorize cards with new expiration dates
Retry Logic retries payment processing after a defined period of time
Customer Notifications help retain recurring revenue with one-click update links
Winback Campaigns encourage lapsed customers to reactivate their subscriptions
The Value of Revenue Retention for Your Business
Maximize renewals and recurring revenue streams
Quickly and seamlessly update customer credit card details whenever they change
Prevent service interruptions, increasing customer satisfaction
Decrease customer service costs dedicated to manually updating card details and collecting payments
Reduce negative customer experiences caused by declined transactions
Client Case Study:
Maximizing Subscription Renewals
Client ChallengeAfter transitioning from perpetual licensing to a subscription model, our client – a leading anti-malware and internet security software provider – noted that credit card declines were negatively impacting their renewal rate. Customers were signing up for subscriptions; however, not many were renewing. They came to us for a solution that would minimize churn in their new subscription billing environment.
cleverbridge SolutionWe proposed that our client leverage an integrated marketing campaign to notify subscribers of upcoming renewals, collect updated credit card information and process recurring payments. All of our revenue retention tools are utilized in this multi-tiered approach.
Our client uses the Account Updater to identify customers up for renewal with outdated credit card details. The Expiration Date Checker attempts to reauthorize cards after updating the expiration dates and informs the customer if it's unsuccessful. If a rebilling attempt is unsuccessful, it's possible that the customer's payment details are correct but their credit limit has been exceeded. Using Retry Logic, our client automatically makes another attempt after a defined period of time. In tandem with these efforts, our client launches an email campaign to notify customers of upcoming renewals. They also blast in-app messages informing customers that in order to avoid service interruptions, they must update their billing details. Finally, to lapsed customers, our client sends out an email campaign encouraging reactivation. This email provides customers with an easy way to transition from manual to automated renewals, increasing our client’s recurring revenue stream.