Retain with Apple Pay and Google Pay allows your customers to update their failed payment information in one click or by using Face ID, reducing churn by doubling conversion on payment forms.
Another exciting ProfitWell Retain update: Introducing Retain with Apple Pay, which doubles churn recovery conversions—that's not a typo.
For background, ProfitWell Retain targets credit card failures, which account for 20-40% of your lost customers. Yea, it's a lot and you're probably not doing much about this. What we do is use the data we're sitting on—billions and billions of credit card transactions to tailor algorithms to get these customers back through intelligent, white labeled emails, SMS messages, tactical retries, and a bunch of other fancy magic I'm happy to get into.
So why Apple Pay and why now?
Well, let's back up a second. Most failed payments require a customer to manually update their credit or debit card, so to be effective you need fantastic messaging and a landing page optimized for speed.
What ProfitWell Retain does is not only sends the constantly optimized messaging to get folks to update their payment information, but also makes sure they don't have to log in to update their card, and that the entire experience is mobile optimized, because over 50% of SMS messages and emails get opened on a phone.
We designed these mechanics to reduce friction considerably and that speed means more revenue for you, but we wanted to go faster, because faster means more revenue for you.
So what do we do? Let's take away the form.
And that's where Apple pay comes into play. No more typing addresses. No more inputting data. Just one click, or no clicks, with Face ID and payment information is updated in 80% less time, which doubles conversions on payment forms.
The best part? No APIs, janky CSS, or configuration required. We do all the work for you, so you automatically recover churn. Focus on your customer and your product. This is never going to be your number-one priority and that's ok—let our retention team make your churn, our priority.
For all of our Retain customers, it's included for free. In fact Retain is free—you only pay for performance. If we don't beat your current performance, you pay nothing. We only make money when you make a lot more money.
Retain with Apple Pay/Google Pay reduces friction to double payment form conversion: Most payment failures require a customer to manually update their card. We already reduced this friction by not requiring a customer to log in to update their payment information, but we wanted to go even further. With Apple Pay customers can now update their credit cards with one click or Face ID, which doubles conversions on payment forms—all meaning more revenue and less churn for you.
Completely private labeled and plugs right into your billing system: All forms and messages are completely white labeled. Your customers won't know Retain exists. We simply plug into your billing system and go to work reducing your churn automatically.
Completely turn key—you do no work: No APIs, janky CSS, or configuration required. We do all the work for you and on a continual basis to increase your churn recovery even further. We make your churn our priority, so you can reduce your churn and increase your revenue on autopilot.
So, if you want to try out Retain—now with Apple Pay—or just get a demo of what Retain looks like, email me at email@example.com and we'll get you moving, reducing your churn once and for all.
Why bother with this?
A big part of why Retain works so well is that it reduces the friction of updating your payment information. This removes that entirely since it's just one touch, or no touch, with Face ID.
What if their payment fails in the future? Will Retain still go after it?
Yes. Think of Apple Pay as the delivery service. The actual card that the customer pays with is the same. If that card fails in the future, Retain will pick it up.
By Patrick Campbell
Founder & CEO of ProfitWell, the software for helping subscription companies with their monetization and retention strategies, as well as providing free turnkey subscription financial metrics for over 20,000 companies. Prior to ProfitWell Patrick led Strategic Initiatives for Boston-based Gemvara and was an Economist at Google and the US Intelligence community.