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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 for multiple reasons, such as insufficient funds, invalid cards, expired cards, and more. When payments fail, retries are activated and operate in the background.
For Receivables, every customer is unique; therefore, our approach is to engage them and transform their payment failures into successes. As a result, the offering revolves around provisioning multiple cohorts of customers based on their payment patterns, retries, payment methods, email engagement, overdue status, aging buckets, and other value-added fields.
It is an easy and engaging three-step process: Identify the cohort, Engage with the cohort, and Recover from the cohort.
Payment Failure Recovery comprises the following segments:
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