Customer Payment Recovery
We’ve included FlexCharge’s failed payment recovery in our payment solution so you can recover payments from customers.
Payway and FlexCharge Work Together to Offer Failed Payment Recovery
Businesses can expect a 5%-15% revenue increase
Payment Failures = Abandoned Carts = Revenue Loss
More than 50% of customers abandon their shopping cart when they experience a payment failure. Given failed payments range from 5% to over 20% of digital payment transactions, these failures are a large source of revenue loss for businesses.
Our failed payment recovery solution reduces customer churn by saving failed payment transactions.
Transform Payment Declines into Positive Experiences and Recover Revenue
How can you recover payment from customers? When you use Payway’s payment solution with FlexCharge’s failed payment recovery solution, you give your customers the ability to complete a purchase when their payment is declined. Instead of a payment failure message, customers are presented with the option to complete the purchase and be charged at a later stage.
- The solution works with any payment method chosen by your customer, such as credit or debit card, PayPal, Apple Pay, etc.
- FlexCharge fulfills the payment at time of purchase and then collects it later from your customer without any fees or penalties.
- FlexCharge assumes all credit and fraud risk.
- You’ll see a reduction in decline rates and payment failures.
Financial Impact of Failed Payment Recovery
With failed payment recovery, a large percentage of your failed payment transactions can be rescued. A larger percentage of payments being processed means increased revenue for you. We expect this solution to deliver up to a 15% revenue increase.
Your customer goes to checkout and selects the payment method.
The payment request is sent to Payway and to FlexCharge at the same time.
FlexCharge computes the service eligibility for the failed payment in real time. If eligible, customers receive a message asking if they'd like to retry the purchase now and be charged for it later.
Customers do not have to register for this service. They simply accept the payment terms and conditions and click on a payment button, just as they do now.
Payway and FlexCharge: We are your safety net for failed payment transactions
FlexCharge’s failed payment recovery is included in Payway’s payment solution at no additional cost to your customer.
Contact us to learn more about our payment solution with FlexCharge or feel free to schedule a meeting with one of our payment experts. We can provide a detailed estimate showing the financial impact of this solution on your business upon request.