Merchants will now receive an email alert if a subscriber has reached the max failed billing attempts.
In a nut shell, if a customer has experienced a failed payment, then the merchant will be alerted about this.
A failed payment can lead to revenue loss and churn, so it’s important to have an automated system in place to try and capture these missed payments.
For example, let’s say a subscriber had their card declined. The Ongoing software defaults to 3 billing attempts, in which each next billing attempt is spaced out by a day. Ongoing automatically attempts to charge the card on file and if this is not successful, Ongoing waits a day, tries again, waits another day, and then executes a final billing attempt on day 3.
If there is not a successful billing attempt with the customer, the merchant will now be notified about this through an email alert sent out by Ongoing.
This is a new series of improvements we’ll be making to our Dunning Management system, in which both merchants and subscribers will be alerted about their transactions and any issues that arise with payment processing.
When the merchant is alerted about their customer, they can then reach out and see if they can get the customer to fix their billing issues. Once resolved, the customer can re-activate their subscription from their Customer Portal with one click.
We hope this type of dunning management email will help merchants retain their subscribers, reduce churn rate, and also capture missed payments.