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Payment failures occur for customers whose payments are collected either by automatically charging their Card or debiting their account via Direct Debit. Payments can fail due to multiple reasons such as insufficient funds, invalid cards, expired cards, and many more. When payments are failing, retries are activated and operate in the background.
For Receivables, every customer is unique, and therefore; our approach is to engage them and transform their payment failures into successes. As a result, the whole offering revolves around provisioning multiple cohorts of customers based on their payment patterns, retries, payment methods, email engagement, overdue, aging buckets, and certain other value-added fields.
It is an easy and engaging three-step process that makes it all possible: Identify the cohort, Engage with the cohort and Recover from the cohort.
Payment Failure Recovery comprises the following segments:
