Did you know manual billing systems could be siphoning your revenue? What seems to be a minor billing miscalculation can quickly escalate into major revenue losses. Best Billing and Invoicing Software 2019 is designed to plug those leaks. In a subscription - based business, the customer selects desired products and transfers payments with ease. This is followed by a quick confirmation of the transaction. Recurring payments will then be charged automatically through an invoicing process. But let’s assume that 1 in 5 customers don’t make the purchase and this gives way to lost revenue. So how do businesses counteract this revenue leak? Our ultimate objective is to recover revenue while maintaining customer trust.
We will take a look at how businesses can get their transactions back on track. Identifying the problem before it actually happens is the recipe to success. Following are the options to consider:
• Flag recurring payments
Best Billing and Invoicing Software entails a feature that flag recurring charges. This way payment gateway avoids confusing them for fraudulent charges. This simple step goes a long way in preventing revenue leakage.
• Use automatic card updaters
Credit card updaters are truly a life savior for subscription - based businesses. When it comes to expiring cards, the aforementioned ensures that your business receives payment and automatically updates the customer information. Make sure you are using a card updater to prevent losing precious revenue to missed payments.
• Consider special cases
There are certain situations where card updaters may fall short of what is expected of them as with unsupported, international or pre-paid/gift cards. You can combat this problem with the help of automated emails or in-app notifications. These are specifically tailored to the needs of international card users and erase interruptions within the customer experience. But care must be taken around gift cards as they are at a high risk of fraud and need to be recharged to keep working.
• Optimize payment update pages
Best Billing and Invoicing Software 2019 will give you a payment update page that is extremely user-friendly. Your users will find it easy to operate. Customers can quickly update payment information if the page can be accessed on mobile devices. It will also enable immediate verification that keep users on the page until their new payment method is verified. Billing and Invoicing Software uses automatic updaters so that users receive notifications and links to update their information.
• Communication should be customer-centric
Regardless of whether you use a card updater, communication should be centered around the customer. When you don’t make use of a card updater, pre-dunning tactics are called upon. One way to go about is to send emails at a time when customer response is high or make use of less aggressive in-app notifications. You will find it easy to apply these tactics with a Best Billing and Invoicing Software where the aforementioned features are built-in and customized to the unique needs of business and customers.
• Have backup payment gateways or methods
There is always the possibility of something going wrong on the business’s side of a transaction. You should consider deploying a backup payment gateway. You can also allow customers to opt for an alternate payment method when one fails. The capability to store multiple cards will help to prevent revenue leakage.
The thumb rule is that if at first you don’t succeed, retry again. Credit cards decline for a number of reasons and you need to understand those in order to avoid the problem in the first place. There is either a soft decline or a hard decline. Soft declines are temporary and can be re-tried immediately. However, a card shouldn’t be re-tired more than 4 times in 16 days. Otherwise, there is a risk of raising an e-commerce indicator flag. A hard decline, on the other hand can’t be resolved immediately so doesn’t warrant retries.