Written by @Erika
Has your company experienced revenue leakage from credit card declines? This can happen for a variety of reasons and is obviously problematic from a collections standpoint. Fortunately most of these revenue leakage issues are addressable from a technology standpoint. Your tech solution? Our Advanced Payment Retry app, available in the Zuora Connect Marketplace.
Zuora Connect is our applications marketplace that provides our customers with additional functionality on top of the Zuora Central platform. All connect apps are available straight from the Zuora user interface. These apps are made by Zuora or other third parties and certified by Zuora so Zuora customers can configure the right combination of functionalities for their business.
With its 2-step configuration, the Advanced Payment Retry application can orchestrate various retry rules and actions, targeting the root cause of the decline, for millions of failed payments at a time.
This app enables you to define different actions based on gateway response code and Bank Identification Number (BIN). You can also change the amount of time to wait between retry attempts and the number of maximum retry attempts, per credit card. With the Advanced Payment Retry app, you can close a payment method on hard decline to ensure it doesnt get attempted again. And, if the default method fails, it will attempt a payment with each of the other payment methods on the account until a successful payment occurs.
Because each failure that becomes a success increases revenue, the Advanced Payment Retry app is clearly a smart tech solution to the problem of revenue leakage. It scales seamlessly to automatically handle millions of payments and credit cards, thus enabling you to maximize collections through your gateways. Its also great for your customers as it provides them with greater flexibility in the collections process.
Watch the demo to learn more about how your organization can benefit from Advanced Payment Retry and about the quick and easy setup for this app:
For more great apps to extend the functionality of the Zuora Central platform, check out the Zuora Connect Marketplace.