The newest tool from Skio lets subscribers add an alternative payment method to their account that can be automatically charged when a primary method fails or gets declined
It takes zero time for subscribers to update and the benefits are huge:
Minimize revenue loss: It can take months for subscribers to realize they need to update their credit card which means multiple skipped orders - having a backup on file ensures you don’t miss out on revenue from these orders
Prevent Passive Churn: Backup payment methods add an extra layer of protection between subscriptions and the tedious dunning process (and for any subscribers who slip by - we’ve got you covered with our Payment Recovery launch from earlier this year )
Boost Customer Convenience: Avoiding annoying interruptions to ongoing subscriptions means a better experience for your subscribers (and fewer angry messages from customers missing their orders - your CS team will thank you )
Improve Cash Flow Management: Having a backup funding source reduces the likelihood of delayed payments, making it easier to forecast revenue and plan for the future