We’ve been hard at work at another revenue recovery feature that’s unique to Stunning. Payment recovery after a customer clicks a link and updates their billing info is great. But what if failed payments could be recovered immediately?
As we learned from the inimitable 1998 sci-fi thriller Armageddon, NASA doesn’t send astronauts into space with just one of everything. They make sure they have backups and redundant systems. They sent those guys into space with 2 spaceships, 2 teams, 2 drills, and extra drill bits. So we got to thinking… what if credit cards were redundant? Then, if one of them ever failed a payment, we could just swap the failing one out for a new one that works. And that’s what we built!
Introducing Backup Payment Methods. Simply put, we’re giving you an easy way to incentivize your customers to add a second credit card to their account. Then, if the first one ever fails, we swap the cards, making the backup one the default card, and then we attempt to charge it.
Of course, in the usual Stunning fashion, we’ve given you a lot of control over who gets these emails. If your particular customer base has lots of problems with failing cards (we see this a lot with consumer products where customers routinely hit their credit limits), you might want to email all of them. If most of your customers pay on time, but customers on less expensive plans tend to have more issues, you can send emails to just those customers. We also give you control over how often we email customers about adding backup payment methods. You can also send emails only to customers who’ve been with you for a certain amount of time, limit the overall frequency of these emails, for instance.
And you can still use the same Conditions feature we offer on all of our other emails to further determine who receives these emails.
We know that you can’t just email your customers out of the blue and ask them to take time out of their day to add a second card to their account without offering them something in return. So we’ve added a customizable incentive. In exchange for your customer adding a backup card, you can offer them a discount on their next subscription payment. We’ll generate a coupon code for you if it doesn’t exist, and we’ll apply it to the customer for you when they add a backup card.
When this feature is enabled and payments fail in a way that requires a new card to be entered, your customers will also see your incentive to add a backup card after their main card is updated.
We’ve already seen great results for customers who have had this feature enabled in our beta. All Stunning customers can turn this feature on today and start recovering even more revenue! Just go to your App Settings and look for the Backup Payment section.