Verifi’s SVP and Chief Product Officer offers advice on how to maximize lifetime value
A successful payments management program including advanced logic to analyze declines can yield as much as 4 – 25% recovery of previously uncollectable transactions and maximize lifetime value; even those that have already been re-attempted many times and failed.
Recurring billing occurs when a merchant offers a product or service that involves several payments over a set period of time or with no defined expiration; for example, magazine subscriptions, skin care products, health clubs, credit reporting services, gaming companies, utilities, satellite TV, etc. Although credit and debit card declines are common among all transactions, card-not-present merchants offering subscription programs such as those described above are particularly vulnerable as their business models are dependent on receiving timely, recurring payments and achieving a defined breakdown and lifetime value to reach profitability.
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Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help our clients effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings andkeep loyal customers. Our best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 8,900 accounts globally. For more information, visit:www.verifi.com.
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