Your most loyal customers are the ones you already have. Let’s explore how failed payments affect revenue and look at ways that companies can improve and increase customer retention. In the United States, customer churn costs $136 billion, of which 34% is due to involuntary churn and failed payments. Failed payments cut into forecasted revenue with 48% of businesses saying chargeback rates cut into their earnings and 43% saying that increased customer service contacts because of failed payments are more costly. The leading causes of failed payments occur because of insufficient funds, credit card limits, and credit card changes. While
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