01. Retry failed payments dynamically

Once a payment attempt fails, Loop's subscription app takes a shot at retrying the failed payment. This happens over not one but two separate billing cycles.

We have also given the merchants the power to configure the number of attempts.

So if your payment doesn’t succeed on the first try, Loop attempts it 2-4 more times.

That way if the customer has a low balance at a specific billing date (say 1st of a month), you can try the payment attempt 4 more days or maybe 14 more days later.

This ensures that full attempts are being made to recover revenue loss because of failed payments.

02. Gain easy visibility on high-risk customers

Loop has built a smart engine that identifies and displays high-risk customers to the merchants if the customer happens to fall in the following category:

1. Their card expired already
2. Their card is expiring soon
3. Had defaults in past payment history

Your CX team can easily fetch a list of all these high-risk customers and send them an email to update their payment method.

03. Get the real reason behind payment failure and work on it

There are many reasons why payments might fail. With Loop, you get advanced analytics with all the reasons behind why these payments fail.

DTC teams can discuss these reasons internally and work on a strategic plan to eliminate each one of them.

For instance, if the reason for payment failures is that credit card has expired, brands can use our high-risk subscriptions report to identify such situations and reach out to those subscribers proactively.

04. Send out emails for payment failures

Set up email notifications inside Loop to your subscribers informing them about payment failure.  

Once your customers see the reminder, they can quickly update their card details and make sure that their subscriptions are resumed.

You can also push these payment failure events to third party apps such Klaviyo, Attentive, Recart or Omnisend.

See how The Patch Brand leveraged our integration with Attentive to send a SMS payment reminder method to their subscribers and reduced revenue lost to payment failures by 65%‍

05. Send or export weekly reports for DTC finance or CX teams

Easily set up weekly alerts and automate sending your DTC team crucial data -> A list of all the subscription payments that are scheduled for the upcoming week.

You can export all this data in .csv format at the click of a button and run personalised campaigns for specific customers on a monthly basis.

06. New Dunning Dashboard inside Loop

From our dunning management dashboard, you get all the important revenue metrics like:

1. Payments attempted
2. Revenue realized
3. Lost Revenue
4. Revenue Recovered With Loop

Revenue recovered with Loop is the revenue which Loop has helped the brand to through the smart dunning management features

Payment failures are a hidden issue in the list of problems that DTC teams have to face. Don’t let this silent monster eat away your revenue. This is a simple win if you are coming up with retention ideas and want to stop your revenue from falling.