When a customer’s subscription payment fails, it can be a hassle to try and get them to re-subscribe. If your business relies on subscription payments, then you need to be prepared for when things go wrong. It’s not that difficult to rescue failed subscription payments, but it does take a little bit of work.
In this article, we’ll show you how to rescue failed subscription payments so that you can keep your business running smoothly.
Customize your gateway rules
Depending on your payment gateway, you may be able to customize the rules for subscription payments. For example, you can set up rules that will retry failed payments automatically or send notifications to you when a payment fails. By customizing your gateway rules, you can make it easier to rescue failed subscription payments.
Talk to the customer manually
It is one of the oldest tricks in the books, but it is still effective. You need to talk to your customer and find out why their subscription payment failed. In many cases, the customer will have simply forgotten to update their payment information. By talking to the customer, you can find out what the problem is and rescue the subscription payment.
Send reminders
If you want to rescue a failed subscription payment, you need to make sure that the customer doesn’t forget about it. One way to do this is to send reminders. You can set up automatic reminders or simply send an email to the customer reminding them to update their payment information.
Keep in touch with your payment processor
If you’re having trouble rescuing failed subscription payments, it’s a good idea to keep in touch with your payment processor. They may be able to offer some insights into why payments are failing and how you can rescue them. After all, they are the experts in payment processing and can offer valuable advice.
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Use a backup payment method
In some cases, the best way to rescue a failed subscription payment is to use a backup payment method. For example, you can offer the customer the option to pay by credit card or PayPal. This way, if their primary payment method fails, they can still subscribe using a different method.
Offer your customers discounts
If you want to rescue a failed subscription payment, you can offer your customers a discount. This can be an effective way to entice customers to re-subscribe. Just make sure that you don’t give too much of a discount or you’ll end up losing money. The goal is to make it worth the customer’s while to re-subscribe without giving away too much.
Stop the service
If all else fails, you may need to stop the service. This should be a last resort, but if you can’t rescue the subscription payment, then you may have no other choice. If you do stop the service, make sure that you give the customer ample notice so that they can find an alternative. Also, giving service for free for some time can cost your business a lot of money, so it is only recommended if you have no other choice.
Conclusion
By following these tips, you can rescue failed subscription payments and keep your business running smoothly. Make sure to do your research and come up with your own set of strategies to keep your business afloat. If you feel like you’re struggling, there are always professional services that can help you out.
If you are looking for a secure payment solution for your business, then look no further. We specialize with many years of experience in providing robust payment solutions for businesses of any size. We only use up-to-date technologies to keep you updated with the latest trends. This way we ensure to give your customers the best possible experience. Book a free consultation call with us today, and let us take your business to the next level!
Get A Free Consultation
Book a free call with us to discuss how we can help you expand in new regions, scale, and get the cash flowing in your business.
