What if I told you that you were leaving money, potentially thousands or millions of dollars, on the table? You would definitely want the chance to get it back. What if I followed up by saying that you can avoid leaving money on the table in the future and can get back majority of lost revenue without making embarrassing phone calls or sending collection emails to your customers?
The good news is, not all lost revenue is lost for good. With proper dunning management, you can find lost revenue and decrease the amount of revenue leakage in your company. Dunning is the process of making a collection, usually in the form of a payment, and when handled strategically 70-80% of payment failures are recoverable. Companies are surprised at the number of accounts with credit charge issues, with merchants seeing failure rates from 5-35%.
But what they may not know is that most missed payments are unintentional, caused by common problems like: card expiry, card reissuance for EMV chip implementation or because of a data breach, or a change in account information (address, etc.). Working with a cloud-based dunning management system can decrease failure rates and revenue leakage, leading to increased overall recurring revenue. Other benefits include time saved, stronger business strategy, and friendly customer interactions.
Don’t leave money on the table. Check out this infographic to “Find Your Lost Revenue with Dunning Management” and see how a cloud-based system can help you keep the recurring revenue flowing.
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