The staff at Statsbot was concerned about their high turnover rate.
According to the data analysis, expiring credit cards accounted for 30% of all churned users.
They implemented a method that cut down on failed charge cancellations by 27%.
How? Read on!
First, they coupled a tool that offers assistance and onboarding with their payment gateway (Stripe.com) (Intercom.com).
They made two email accounts:
When Stripe receives a failed charge event, the first email is sent. 2.1.
We were unable to complete your purchase because of an error in the billing information you provided.
If further attempts were unsuccessful, a second email would be sent two days later.
We will make one last attempt to process your payment before we have to suspend your service.
As a result, their churn rate due to failed charges dropped by 27% using this strategy.