May 12, 2022 - FlexPay, the global FinTech leader in recovering failed credit card payments, today announced the launch of Engaged Recovery, a powerful new solution enabling subscription businesses to intelligently and empathetically collaborate with their customers to resolve failed payments that require customer interaction, without harming retention. FlexPay is the first and only integrated solution powered by AI and ML that can recover all failed payments, resolving directly with card authorization systems when possible, or engaging with customers when required. Failed payments are caused primarily by friction in the card authorization process, preventing subscription customers from completing their legitimate transactions and causing up to 48% of churn. Because the largest single source of churn is caused by payments issues, and not by customers actively cancelling their subscriptions, solutions like the FlexPay platform are critical to subscription businesses to resolve failed payments and eliminate the churn and lost revenue they create. FlexPay Engaged Recovery "The addition of Engaged Recovery to the FlexPay AI-powered platform finally delivers the promise of a single high-performance failed payment recovery solution that can solve all decline reasons," said FlexPay CEO Darryl Hicks. "The ability for a highly trained AI system to analyze every failed payment, select the most effective recovery solution, and deploy a recovery method that optimizes for both recovery rates and customer retention is game-changing for any business with a subscription or recurring-billing model. The FlexPay platform is a critical layer in the subscription payments tech stack, preventing the lost revenue and customer churn caused by failed payments." With the addition of Engaged Recovery to the FlexPay platform, subscription businesses can:
- Recover all kinds of failed payments, including hard and soft declines – FlexPay recovers failed payments that are declined for any reason, automatically applying recovery solutions uniquely suited for each failed reason type
- Optimize customer recovery and reduce indirect churn from failed payments – FlexPay Invisible Recovery™ can recover most failed payments directly within the card authorization network, avoiding indirect churn associated with customer visibility to failed payments
- Deliver a great automated customer experience when engagement is required – FlexPay Engaged Recovery delivers branded outreach sequences that collaborate thoughtfully with customers to solve failed payments, avoiding indirect churn associated with other recovery methods like dunning and collections
- Reduce customer churn and revenue losses caused by failed payments – FlexPay helps subscription businesses achieve limitless growth rates by increasing revenue, customer retention, and LTV
- Add efficiency to operations and costs – With FlexPay, subscription businesses can reduce or eliminate costly human-powered recovery and collections cost centers, and allow in-house customer service teams to focus on delivering the best customer experience
The FlexPay platform helps businesses with subscription and recurring billing models increase revenue and reduce customer churn by recovering all kinds of failed credit card payments on legitimate transactions.
For more information, visit https://flexpay.io/products/engaged-recovery/
FlexPay is the leading global payments and technology company delivering a machine learning and AI-powered solution to identify and solve false credit card declines, a global problem preventing hundreds of millions of dollars in legitimate transactions between merchants and customers annually. The platform is trained on billions of transactions, enabling performance that is unmatched in the payments industry. The company is committed to creating more efficiency, trust, and transparency in payments processing, helping merchants and their customers settle more legitimate transactions.
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