According to Membership Services, Inc., failed credit card payments often make up 7-10 percent of businesses’ total monthly charges.
Without a proper process for retries and follow ups, this could become your main source of churn.
The best way to prevent this is to test your current system that manages transactions and failed attempts. Following this evaluation, make sure that the process for updating card information is simple and hassle-free. If you believe your system could use some tweaking, consider an automatic updater service.
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