Optimizing Subscription Lengths and Models
Find out how you can optimize the quality and length of your subscription models. Learn more about features, such as ‘account updater’ and ‘new date finder.’ As well as what you can do with the power of automated ‘retry logic.’
We, at SecurionPay, know how it goes. You’re a successful, profitable merchant. You’re selling an amazing, great product and/or service, your customer is happy, they love it.
You’ve managed to sell them a subscription model and they’re using it. A period of time goes by, everyone’s happy, you’re not worrying about anything, but what happens? Cards expire. Like it or not, the cards will expire. So what do you do then? Well, at SecurionPay, we’ve created several features to ensure that the subscription model length is increased and it’s optimized.
First things first, this is what we did.
Within your customer settings under general, you simply look for the expired card, you tick the box try to find a new one in case it expires. We then do two things, we have Account updater and New date finder.
For Account updater Visa and MasterCard, they send us relevant information about card updates and in a lot of cases, we simply activate this, the change is made and the card continues to work.
The second thing that we do is that we use our New Date finder.
Another thing that we provide you, the merchant, in order to ensure hassle-free subscriptions is the power of retry logic.
Say your customer is using a monthly subscription model and they’re being charged on a regular monthly basis; January, February, March. This is what it would look like within the system. Under the customer subscription settings, you see that they’re using a monthly model and you can see the features you can do in case the charge doesn’t go through.
First things first, we’ve provided you three different fields. Three different ways to react if there’s a failed attempt on the card. We’ve also given you retry logic that you can set up between one and five days, and this is what it looks like. Say for your customer the charge went through in January, however, in February there was an issue and the card didn’t go through.
Luckily, you’ve enabled it that after the first failed attempt, they could retry after five days and after five days, another charge goes through. Then, there is another failed attempt, so you retry after four days again, after four days there’s a failed attempt again. This time you’ve set up the last failed attempt to retry after three days.
What does this failed attempt and retry give you?
Well, it gives you time and it also gives the customer time to get funds on their account. Now, what do you finally do?
After one of the failed attempts you can set it up to automatically go to, “finally do” and here you have two different things that you can do.
1. You can cancel the subscription then and there that’s it game over
2. Or you can mark it as unpaid. If it’s marked as unpaid the subscription will continue.
You will get informed that there was no payment that went through. This gives you time to contact the customer and maybe there’s an issue you can resolve quickly with them that way.