GoCardless, one of our clients and arguably one of the hottest the fintech businesses, today unveiled Success+, the first of several intelligent payment products planned to improve the success rate of subscription-based and recurring payments.
Based on data collected through Machine Learning, GoCardless' Success+ product determines the date and time when customers are more likely to pay their recurring invoices. This increases the success of these payments, reduces the time that the business must perform retries, and improves the overall customer experience. In fact, businesses that beta tested Success+ found that they can increase the success rate of their payment retries to 78%.
Ensuring that businesses receive payments and find the right time to collect payments from their customers has become increasingly important as we've entered the COVID-19 pandemic and the rate of payment failures has increased.
To learn more about this cool, new product, please check out this article in Benzinga and visit GoCardless' Success+ page.