Will GoCardless be successful

Failed payments: New payment intelligence product from GoCardless

  • GoCardless starts first Payment intelligence product for return debits in Germany.
  • Failed payments are drawn in repeatedly thanks to integrated AI technology.
  • Success + makes the operating cash flow improved.

GoCardless, financial services provider for recurring payments, presents Success +, a new payment intelligence product with which companies can use failed payments cope with problems caused. Failed payment processing is not only costly for companies to collect, they also affect customer relationships and increase the risk of bad debts and Customer churn.

Failed payments will be collected repeatedly

Success + uses machine learning to analyze trends from GoCardless' recurring payment data and determine the ideal time to retry a failed payment. It terminates automatic repetitions of payments within the parameters set by the merchant, namely on the optimal day for each payer. Intelligent retries are already available at launch. Additional features will follow, including the option not to retry a payment if the likelihood of failure is high, which is particularly relevant in the current environment.

Successful tests confirm the advantages of optimized payment attempts

More than 2,000 GoCardless customers have already tested Success + and are already seeing the benefits of optimizing payment attempts. With the ability to automatically choose the best repeat date, companies can choose a Decline in payment defaults by 15 percent. Monsur Alam, head of the finance department of the insurance company Neos, is enthusiastic after the first few weeks: “Before using Success +, we claimed back 30 to 40 percent of our failed payments. Now 80 percent of our repetitions are successful, and in addition we can save half a day of work per month. "

Failed payments result in high costs

According to a study by GoCardless, companies spend thousands of euros annually to recover payments through internal processes. Specifically in the areas of financial services (160,000 euros), IT (157,000 euros), business services (118,000 euros), health and wellness (99,000 euros) and utilities (97,000 euros).

Emma Jones, Founder of Enterprise Nation, comments, “GoCardless shares our passion for helping small businesses. Today more than ever, entrepreneurs need clarity about their cash flow as the impact of missed payments or bad debts can be significant. We welcome them Introduction of new intelligent productswhich enables business owners to get paid on time and without complications as it accelerates operational cash flow in the economy and creates a better payment culture ”.

Improvement of the cash flow through the use of the new payment intelligence product

“Success + is the first in a series of Payment intelligence productsthat we will bring to market to help our customers manage their recurring payments more effectively. It enables companies to reclaim payments at the optimal time, when the funds are most likely available, ”commented Hiroki Takeuchi, CEO and co-founder of GoCardless.

“Of the 2,000 customers who tested Success + prior to launch, 63 percent saw an improvement in cash flow. Many of our customers suffer the consequences of failed payments and we are now able to improve the process for them by proving that payment defaults are optional rather than inevitable, ”continued Takeuchi . Success + will initially be available for the SEPA scheme and later in the year for other banking schemes as well.

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