Address failed payments without having to become a payment recovery expert. Refloat uses smart retry strategies, optimized email campaigns, in-app notifications and paywalls, supplemented by credit card capture forms and ongoing experimentation to enhance payment recovery results.
Increase LTV
Recover more payments, automatically
Continue focusing on your ordinary responsibilities
Stop losing revenue from customers who want to pay you. According to Visa and Mastercard, an average of 15% of recurring payments are declined, but for some industries, the rate can be double that.
Through ongoing experimentation and ML models, Refloat fine-tunes the optimal recovery playbook for each customer segment.
By connecting directly to Stripe and analyzing all your customers—both current and past—Refloat creates customer segments by criteria such as duration of subscription, total spend, flakiness, type of subscription plan, and engagement. Additional factors such as timezone, salary dates specific to each country, and credit card failure reasons are also considered when executing the optimal playbook for each customer.
Customers vary in terms of their value to your business, and their payment behaviors differ as well. Some are prone to frequent failed payments, while others have the occasional payment failure. While some failed payments can be resolved automatically through optimized machine learning models, others need direct customer intervention.
When payments failures require customer action, Refloat's playbooks utilize a mix of tools spread across multiple channels, including in-app alerts, emails, SMS notifications, paywalls, and pop-up forms for capturing updated payment details on your website. To further incentivize customers, Refloat also employs dunning offers.
In-app alerts
Gently nudge your customers to update their billing details during a grace period.
Failed payment wall
If the gentle in-app alerts didn’t do the trick, block access to your app while enabling customers to update their billing details right then and there.
Email & SMS campaigns
Personalized & automated drip campaigns, designed for each customer and aligned with their timezone, to optimize the chances of customers taking the required action.
Credit card capture form
Remove friction for users to update their card information. Any clicked links from email & sms campaigns allow users to update their billing details without having to first sign in.
To encourage customers to update their payment details, we use a variety of incentives designed for maximum impact within each customer segment. Customers who frequently face failed payments might respond well to a 13% discount when switching from a monthly to an annual plan. But for high value customers, a $27 one-time discount could be the most appealing, while an 8% discount for the next two billing cycles might be best for retaining newer customers.
You define the thresholds and boundaries, from setting maximum discount amounts to deciding how long pauses and extensions of trials may last. You choose which tools from our toolbox that may be used, along with any mandatory cancellation options. Within those boundaries, Refloat operates and maximizes optimization.
While you focus on creating outstanding products, Refloat’s data-driven and automated solution fine-tunes subscription lifecycle processes so you retain even more customers.
