Before using Success+ we were recovering 30%-40% of our failed payments. Now 80% of our retries are successful, plus it has helped us save half a day of work per month.
SAN FRANCISCO (PRWEB) April 22, 2020
GoCardless, the leading fintech for recurring payments, today unveiled its first payment intelligence product, Success+, to help businesses tackle the problems caused by failed payments. Failed payments are not only costly for businesses to collect, they also impact customer relationships and increase the risk of bad debt and customer churn.
Success+ uses machine learning to analyse trends from GoCardless’ recurring payments data and identify the ideal time to retry a failed payment. It automatically schedules payment retries – within the parameters set by the merchant – on the optimal day for each payer.
Intelligent retries are available at launch, with additional features to follow including the option to not retry a payment if the probability of failure is high, which will be particularly pertinent in the current environment. More than 2,000 GoCardless customers have been testing Success+ and are already seeing the benefits of optimizing payment retries. By being able to automatically choose the best retry date, businesses are seeing payment failures decrease by 15%.
“Before using Success+ we were recovering 30%-40% of our failed payments,” said Monsur Alam, Head of Finance, NEOS. “Now 80% of our retries are successful, plus it has helped us save half a day of work per month.”
According to GoCardless research to be made available in May 2000, businesses are spending thousands of dollars annually recovering payments through internal processes. Specifically, in financial services ($178k), IT ($173k), business services ($130k), health and wellbeing ($109k) and utilities ($108k).
“GoCardless shares our passion for supporting small businesses. Now, more than ever, business owners require clarity on cash flow as the impact of missed payments or bad debt can be significant” said Emma Jones, founder of Enterprise Nation. “We welcome the introduction of new products that enable business owners to get paid on time, and without confrontation, as this speeds up cash moving through the economy and builds a better culture of prompt payment.”
“Success+ is the first in a line of payment intelligence products that we are launching to help our customers manage their recurring payments more effectively,” said Hiroki Takeuchi, CEO and co-founder of GoCardless. “It enables businesses to retry their payments at the optimal time, when funds are most likely to be available. Of the 2,000 customers who have been testing Success+ prior to launch, 63% have seen an improvement in cash flow. Many of our customers struggle with the problems caused by failed payments and we are now able to improve the process for them, proving that payment failure is optional rather than inevitable.”
Success+ is available in Bacs to optimize recurring payments from payers in the UK and will be rolled out in SEPA shortly. GoCardless will be rolling out other bank schemes, such as ACH in the U.S., later in 2020.
ATTEND GOCARDLESS’ SUCCESS+ WEBINAR ON APRIL 29, 2020!
Register here to join us on April 29th at 11:00am GMT (6:00 AM EDT) for a conversation on how businesses can reduce payment failure, improve cash flow and reduce customer churn. Guests on this webinar will include Duncan Barrigan, Chief Product Officer, GoCardless; Emma Jones, Founder, Enterprise Nation; and Pranav Sood, VP, Small Business, GoCardless. The webinar will be recorded for later viewing.
For more information, please visit Success+
GoCardless is a global leader in recurring payments. Our global payments network and technology platform takes the pain out of getting paid for more than 50,000 businesses worldwide, from multinational corporations to SMBs. Each year GoCardless processes US $15bn of payments across more than 30 countries. We now have five offices around the world in the UK, France, Australia, Germany and the United States. For further information, please visit http://www.gocardless.com and follow us on Twitter @GoCardless.