Industry leader in recurring payments, GoCardless, recently introduced Success+. Success+ is their first payment intelligence product which will help the business deal with the problems caused due to failed payments. Failed payments pose a threat to company’s reputation and cost a lot of money to business owners. If not tended to, failed payments can ruin the customer relationships as well.
Success+ automatically schedules retries for the failed payments with the help of its advanced machine learning. It is done by identifying the ideal time to retry a payment and that too within the stricture set by the merchant.With additional functions such as the option of not going through with the payment if the failure probability is high, Success+ is catering to more than 2,000 GoCardless customers and has already brought down the payment failures by 15% amongst the businesses that chose to test it.
GoCardless aims at reducing the cost spent by enterprises for the recovery of payments. GoCardless research found out the staggering amount spent in financial services (£140,400), IT (£136,800), business services (£103,200), health and wellbeing (£86,400) and utilities (£85,200) for the task of annual recovery of their failed payments. Success+ makes sure that business owners are paid on time without requiring any sort of charity or confrontations.
Praising Success+, Head of Finance at Insurance Company NEOS, Monsur Alam announced that their recovery of failed payments has gone 30-40% to 80% after using Success+. In addition to that, it has also helped their company to save half a day of work on a monthly basis.
Talking about Success+, CEO and co-founder of GoCardless, Hiroki Takeuchi said that it is the first in a line of business intelligence products that they have devised to enable their customers have a smooth experience of prompt payment culture. This improves the speed of cash flow in the economy and proves that payment failure is avoidable. Available in Bacs to regulate recurring payments from payers in the UK, it would soon be accessible in SPEA and other bank schemes sometime later in 2020.
Founded in 2011, GoCardless is a fast growing payments company whose mission is to eradicate the pain out of getting paid for business with recurring payments. Serving over 50,000 businesses worldwide, they have a global bank debit network which allows businesses to save time and money on tasks such as payment reconciliation. They have five offices globally, in the UK, France, Germany, the United States and Australia and partners with billing and subscription software providers of world renowned businesses such as QuickBooks, Salesforce, Xero etc.
For more information on GoCardless, visit: https://gocardless.com/