(Cologne, Germany – October 2, 2018) – cleverbridge, a provider of ecommerce and subscription billing solutions for monetizing digital goods, online services and SaaS, announces significant enhancements to its Revenue Retention Tools. The new functionality, combined with cleverbridge’s proven multi-step approach, offers subscription companies more control over retention strategies and enables them to maximize payment acceptance and renewal rates, while providing a better customer renewal experience.
“Involuntary churn due to outdated customer payment details or payment failures continues to be a major concern for subscription businesses. If it’s not managed proactively, not only do customers have negative experiences caused by declined transactions, brands will always be fighting the battle of having to replace lost customers and revenue,” said Robin Blume, product owner of payments and clearing, cleverbridge.
“Since introducing our comprehensive set of Revenue Retention Tools, we’ve been able to increase customer credit card acceptance rates by up to 20 percent, helping subscription businesses effectively process more renewals and reduce churn. Our latest enhancements take our tools to another level with helping clients reduce churn, maximize revenue and provide the best possible experience to their customers.”
New revenue retention enhancements include:
- Account Updater support for American Express® – Now supporting MasterCard®, Visa® and AMEX®, the tool identifies when the information for a customer’s card on file has changed and automatically locates and updates the credit card number, expiration date, account status, etc. In the U.S., on average 23 percent of invalid/expired credit cards from all three major companies are recovered with Account Updater, which results in renewal rates of up to 85 percent.
- BIN-based Expiration Date Checker – Now taking into account the Bank Identification Number (BIN) of the customer’s credit card, the tool verifies whether a declined credit card is expired and automatically extends the expiration date for reauthorization. As a result, companies are able achieve at least a 38 percent verification rate for expired credit cards, and an overall increase in subscription renewal rate.
- Retry Logic support for multiple retries – The tool 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. By adding multiple retries after 1-3-7-14 days, a cleverbridge client was able to recover 65 percent of its declined customer payments.
- Dynamic Transaction Routing – To increase the authorization rate, all customer payments that fail due to generic decline, invalid CVV or an invalid transaction (which represents 78 percent of all payment failures) are now instantly re-routed to another acquirer for a reattempt. With this intelligent transaction routing, companies are able to recover at least 10 percent of failed payments.
cleverbridge’s comprehensive set of Revenue Retention Tools equips subscription companies with everything they need to effectively process more renewals and retain more customers. In addition to Account Updater, Expiration Date Checker and Retry Logic, cleverbridge’s Revenue Retention Tools also include Customer Notifications and Winback Campaigns. Customer Notifications inform customers about their outdated payment information via renewal email campaign or an in-app message. 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.
For more information on how cleverbridge’s Revenue Retention Tools can help your business process more renewals and reduce churn, please visit https://cbridge.to/RevRetention.
cleverbridge provides ecommerce and subscription management solutions for monetizing digital goods, online services and SaaS. Our cloud-based ecommerce platform simplifies recurring billing, optimizes the customer experience and offers comprehensive global compliance and payment capabilities. Leveraging cleverbridge expertise, technology and services, our B2C and B2B clients acquire more customers, improve retention and grow their revenue in international markets. cleverbridge is headquartered in Cologne, Germany with offices in Chicago, San Francisco, Tokyo and Taipei. For more information, visit www.cleverbridge.com.