GoCardless, the leading fintech for recurring payments, has launched its first payment intelligence product, Success+ to help businesses tackle the problems caused by failed payments. Failed payments are not only costly for businesses to collect, they also impact customer relationships and increase the risk of bad debt and customer churn.
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Success+ uses machine learning to analyse trends from GoCardless’ recurring payments data and identify the ideal time to retry a failed payment. It automatically schedules payment retries – within the parameters set by the merchant – on the optimal day for each payer.
Intelligent retries are available at launch, with additional features to follow including the option to not retry a payment if the probability of failure is high, which will be particularly pertinent in the current environment. More than 2,000 GoCardless customers have been testing Success+ and are already seeing the benefits of optimising payment retries. By being able to automatically choose the best retry date, businesses are seeing payment failures decrease by 15%.
Monsur Alam, Head of Finance at Insurance company NEOS, said: “Before using Success+ we were recovering 30%-40% of our failed payments. Now 80% of our retries are successful, plus it has helped us save half a day of work per month.”
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