*Retention rate of failed payments = percent revenue recovered out of total payments failed.
** ROI = total value of customers who updated payment information as a result of Churn Buster outreach (over their subsequent lifetime) divided by total payments to Churn Buster
Refersion helps you create, manage, and grow your own affiliate program. One of the things that sets us apart the most is our integration. Most of our clients have been able to install Refersion tracking within 5 minutes with no developer involvement. We do this by having a really solid connection to different APIs whenever possible. For this reason, we believe that our on-boarding is the best in the space.
There was definitely an “aha” moment. I had no idea how much failed payments impacted my business; I just assumed that credit cards would to go through after the initial purchase. Several months in, the lost revenue was painfully obvious. In fact most of the time it was merely because cards expired or the customer had changed their billing zip code. Not so much a low balance or low credit as one might expect.
We actually tried to get in touch with customers directly over email and phone. It didn’t take long to see how much of a time suck it is to coordinate billing updates. Often times a customer will email us their billing info (not recommended!) and it still didn’t work. So that created a lot of back and forths. I made it a project for myself to find a solution, and the first idea was to build a billing update tool ourselves, but then I found Churn Buster.
As easy as you can get. I approved CB into our Stripe account, flipped a few settings in the account, and got going pretty much immediately after that. It’s actually all pretty seamless; our existing API connections into Stripe automatically reflected any billing updates from CB.
My number one goal was to recover more failed payments than what we would ordinarily do ourselves, and enough to pay for the CB fee. It is a rather simple ROI equation. While we do not have core numbers prior to CB, today we’re seeing 63% failed payment retention, which translates into thousands of dollars. In addition to that, we’re saving a bunch of money by leveraging email automation rules in CB.
“It is a rather simple ROI equation…We’re seeing 63% failed payment retention, which translates into thousands of dollars.”
In addition to that, we’re saving a bunch of money by leveraging email automation rules in CB.
You’re going to be surprised how often failed payments happen, and all the hidden costs associated with trying to battle it yourself. I wish someone told me that when I started.
This is easy - the cost is low and your risk is minimal. Even if you have zero customers today, you’ll still time and money by concentrating on your SaaS development, which will allow you to get customers faster. Let the professionals handle what they’re good at while you build your business.
“The cost is low and your risk is minimal…let the professionals handle what they’re good at while you build your business.”
When she’s not busting churn, Joelle also co-hosts the Rocketship.fm podcast, sips San Diego IPAs, and takes orders from her Labradoodle, Kahlua.