Revenue Retention Tools are available for Visa, MasterCard, and American Express credit cards. Together, Visa, MasterCard, and American Express represent more than 97% of cards used for transactions in the United States. Contact Client Experience for further information.
The cleverbridge Revenue Retention Tools are a set of individual tools that work together to increase the acceptance rate of credit cards for subscription renewals. Consisting of Account Updater, Expiration Date Checker, Dynamic Transaction Routing and Retry Logic, these tools are activated when an expired credit card is detected.
Use Revenue Retention Tools to get up-to-date payment details quickly and seamlessly whenever customer card information changes, for example new numbers, new expiration dates, or closed account status. You can thus increase subscriber retention and prevent service interruptions to your customers. Customer satisfaction is improved by reducing negative experiences caused by authorization declines.
Following are use cases for Revenue Retention Tools:
An expired credit card of a customer is going to be used for rebilling. The Account Updater tries to update the credit card. If the update is not successful, the Expiration Date Checker may be used.
An expired credit card is used for rebilling. The Account Updater cannot provide an update, so the expiration date is determined using the Expiration Date Checker and the rebilling is executed. If not successful, the Retry Logic is used to make another billing attempt.
A payment fails due to generic decline, invalid CVV or an invalid transaction. Dynamic Transaction Routing re-routes the declined transaction to another acquirer for a reattempt, based on the decline reasons.
A payment fails because the limit of a customer's credit card has been reached (or for other reasons that make a retry possible) at the end of the month. The Retry Logic processes the payment again. On the second try, the payment is processed successfully because the credit card limit has been reset to the new month (or any other reason that prevents the transaction in the first case, no longer occurs).