Forrester Research: On-demand mini webinar
4 Costs of Payment Failures
And how to optimize them.
Payment failures are a common occurrence but they create serious implications that become increasingly difficult to overcome and impact your bottom line.
During the mini webinar we’ll share the costs of payment failures from Forrester Research and offer solutions on how you can reduce payment failures.
In 15 minutes you'll learn:
How the market is reshaping the payment landscape
The 4 payment failure challenges Forrester Research identified which are impacting businesses with recurring revenue
Useful tips on how your business can optimize your failed payments, spend less time chasing them and grow your bottom line
On average, 7%-9% of payments have failed in the last 12 months, according to a recent Forrester study.
Failed payments are not only costly for businesses to collect because they need to be retried and rectified, adding to the admin burden of collecting payments but they also impact customer relationships and increase the risk of bad debt and customer churn. Which is why it is critical for businesses to reduce their failed payments.
Watch the webinar today to learn how you can reduce your failed payments and grow your bottom line.
On average, B2B businesses spend 16%-20% of the payment value to recover a failed payment.
Forrester research report, Recurring Payment Friction In The US
Reduce your payment failures with these optimization tips.
GoCardless can help you
Reduce failure rates
Bank debit has lower failure rates compared to credit cards, meaning less involuntary churn and higher success rates.
Say goodbye to wasted admin time, manually chasing payments or reconciling invoices. Streamline your payments with bank debit so you can work more efficiently and focus on running your business.
Get total visibility on the entire payment collection process. If a payment does fail, get all the important information so you can take action.
Reduce credit card fees
Bank debit is typically ⅓ cost of credit cards - money saved directly for your business.
Funding Circle digitized their payments resulting in time saved and less risk
Before 2013, Funding Circle hadn’t developed many of its payment-related processes, including how borrowers signed up to bank debit, which was done with paper mandate forms. Processing and reconciling daily repayments was manual, time-consuming and open to error.
“We had to evolve so that payments didn’t become a bottleneck or a compliance risk,” says Chris Latchford, Global Head of Payments Strategy at Funding Circle.
While previously, they had to manually download and upload payments transaction reports, with GoCardless in place, this could be automated. Now they collect upwards of 40,000 payments a month and growing - freeing their team to focus on other tasks and reducing risk to their business.
Seamless integrations with your billing software
We easily integrate with leading billing platforms including Salesforce CPQ, Chargify, Zuora, Chargebee, Xero and more. If you prefer you can customize how you use our service with our developer-led direct integration.