4 Types of Card Declines Recurly Can Help You Manage

1. 4 Types of Card Declines Recurly Can Help You Manage

2. 4 Types of Card Declines Recurly Can Help You Manage Involuntary churn is one of the most common aspects of any subscription-based business. When you run your churn calculationand see a result you don’t like, it could be caused by involuntary churn. This occurs when a payment issue, like a card decline, results in a customer losing their subscription. However, you don’t have to handle involuntary churn on your own. Recurly can help. With over a decade of experience in the world of recurring billing, they have built a suite of smart tools that can help reduce the amount of involuntary churn your business faces. Here are four common card declines and how Recurly can help you manage them. Hard Decline Hard declines happen when a bank or card processor declines the charge and is one of the few situations when Recurly doesn’t retry the transaction. While these declines can’t be resolved immediately, there is a solution. For example, a one-time retry will occur if Recurly’s Account Updater or the customer updates the card number or expiration date. If that doesn’t work, you can send an email to your customer notifying them of the declined payment and recommending alternative methods. Soft Decline A soft decline occurs when an issuing bank denies a valid card number. This is where Recurly’s intelligent retry function can help improve the results of your churn rate formula. Instead of canceling an account after one failed transaction, Recurly’s system has access to millions of

3. data points to draw on and knows when to retry a transaction. Recurly will automatically retry the card with a series of strategies optimized to the type of invoice failure. This can lead to a retry that ends up being successful, preventing a lost subscription. Fraud Prevention Everybody wants their card information to be safe, and when Recurly detects signs of fraud, they want to take the steps necessary to keep your customers’ personal information secure. Fraud prevention tactics are important because you want a subscription management platform that has your subscribers’ best interests at heart. A fraud prevention decline might slow down the recurring billing process, but it keeps card information safe, which your subscribers will certainly appreciate. Communication Communication errors are another area where Recurly’s intelligent retry system shines. Recurly offers many different payment gateways that you can integrate into your system to allow various payment options. However, these gateways can get busy and not return a response to the system. In that case, Recurly performs automatic retries at set intervals to find a better time when the payment will go through. See how Recurly can help manage card declines for your subscription business at https://recurly.com/ Original Source: https://bit.ly/3xNfzmo