In an effort to counter false declines and prevent unnecessary losses, PYMNTS Intelligence research finds, the vast majority of merchants are encouraging consumers to reattempt the transaction using the same payment method. By the Numbers The report “The Role of Fraud Screening in Minimizing Failed Payments,”...
Subscription companies lose an average of 9% of sales to failed payments. However, the top-performing merchants recover 60% of failed payments, saving ones that would have otherwise been lost, according to “The State of Subscription Business: Best Practices and Business Performance Drivers,” a PYMNTS and FlexPay collaboration....
Failed payments have an impact on customer churn in the subscription business industry. Among all possible causes, declined card payments account for 50% of all customer churn, per market research, suggesting these customers would have remained subscribed if their payments had not been declined. The...
Subscribers want a smooth shopping experience: Data from several PYMNTS Intelligence studies shows that 27% of users are likely to cancel their subscriptions if they experience any service interruption due to failed payments. As a result, subscription companies see an average decrease of 9% in...
August 04, 2023
As more of 2023 is in the rearview mirror than in front of us, subscription businesses are having a tough time, according to FlexPay CEO Darryl Hicks. From FlexPay’s vantage point, serving a slew of subscription firms across a variety of verticals, “we see quite a few of our customers struggling with volume,” Hicks told […]
August 02, 2023
When the subscription industry’s customers experience failed payments, it can directly lead to churn, PYMNTS research reveals, prompting merchants to lose out on hundreds of millions of dollars. For PYMNTS’...
July 12, 2023
“How’m I doing?” The old New York City Mayor Ed Koch line brings to mind subscription companies — perhaps an odd parallel to draw. But hear us out. Knowing how...
May 05, 2023
PYMNTS asked business leaders for their take on how to plan for the rest of 2023 and what they are telling their teams to focus on. Trevor Murphy, COO and...
June 26, 2024
Open payments platform Spreedly has expanded its partnership with payments company FlexPay. The new collaboration, announced Wednesday (June 26), is designed to recover failed transactions and eliminate involuntary churn for subscription customers. With this expansion, FlexPay will offer Spreedly customers its Advanced Vault, a solution designed to increase transaction success rates, reduce the overall cost […]
December 28, 2023
Subscription companies lose an average of 9% of sales to failed payments. However, the top-performing merchants recover 60% of failed payments, saving ones that would have otherwise been lost, according...
July 09, 2023
British businesses are protesting new regulations to make it easier for customers to cancel subscriptions. As the Financial Times (FT) reported Friday (July 7), the broadcaster Sky and groups representing newspapers...
January 10, 2023
Subscription companies are looking to deploy best practices as they deal with an economic downturn. That’s one of the findings of a new report released by global payments and technology...
