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Automatically recover up to 65% of declined customer payments

Some churn due to outdated credit card details is inevitable.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 gives you control over your retention strategy and enables maximum payment acceptance and renewal rates. We’re continuously enhancing our Revenue Retention Tools with new functionality that offers more opportunities to recover revenue, while providing the best customer renewal experience.

Our Full-Service Approach to Revenue Retention

  • Account Updater automatically updates outdated credit card information when a recurring transaction fails

  • Expiration Date Checker extends the expiration date using rules determined by you

  • Retry Logic retries a declined renewal after a period of time defined by you

  • Dynamic Transaction Routing directs a declined payment to another acquirer network for an instant reattempt

  • Winback Campaigns & notifications encourage lapsed customer 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

Our Revenue Retention Tools

  • Account Updater

    The Account Updater identifies when the information for a card on file has changed and automatically locates and updates its credit card number, expiration date, account status, etc.
    This tool prevents credit card declines before they happen by identifying upcoming renewals with outdated credit card details. When a customer’s information is updated successfully, the account is automatically billed and renewed — without any action required by the customer.
    In the U.S., on average 23 percent of invalid/expired credit cards from all three major credit card companies are recovered with Account Updater, which results in renewal rates of up to 85 percent.

  • BIN-Based Expiration Date Checker

    The Expiration Date Checker verifies whether a declined credit card is expired.
    When the Account Updater isn’t able to locate a customer’s current credit card information including the Bank Identification Number (BIN), this tool verifies whether a declined credit card is expired and automatically extends the expiration date for authorization
    As a result, companies are able to achieve at least a 38 percent verification rate for expired credit cards, and an overall increase in subscription renewal rate.

  • Retry Logic

    Retry Logic reprocesses declined payments after a certain number of days in case a customer exceeded their credit card limit for that billing period or experienced network errors.
    Highly flexible and configurable, this tool can be set up to align with any renewal emails or in-app messaging being issued to your customers. Our platform is automatically set to the optimal retry cadence according to our research but you can also define the number of days it waits before attempting to reprocess payments.
    By adding multiple retries after the 3rd and 14th day, a cleverbridge client was able to recover 65% of their declined customer payments.

  • Dynamic Transaction Routing

    Dynamic Transaction Routing directs a declined payment to another acquirer network for another attempt at processing payment.
    to increase the authorization rate, all customer payments that fail due to generic decline, invalid CVV or an invalid transaction are instantly rerouted to another acquirer for a reattempt.
    With this intelligent transaction routing, companies are able to recover at least 10 percent of failed payments.

Our Revenue Retention Tools also include Customer Notifications and Winback Campaigns. Customer Notifications sent via email or in-app notification can warn your customers that they’ll be prevented from using your application if they don’t update their payment details. Communications include an encrypted one-click payment update link so that customers can securely submit payments. Winback Campaigns encourage lapsed customers to reactivate their subscriptions. They can also be used to convince customers to convert their subscriptions from manual to automatic, strengthening companies’ recurring revenue stream.

Subscription deactivation, payment method expiration and lack of renewal assistance are some of the most common reasons why customers do not renew their subscriptions.

Client Case Study:

Maximizing Subscription Renewals

Client Challenge

After 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 Solution

We 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.

By using our Revenue Retention Tools and reaching out to customers in a timely manner, this client was able to achieve a renewal rate of 68%.

Ready to learn more about cleverbridge Revenue Retention ?

Visit our website or email us at inquiry@cleverbridge.com.