Involuntary churn is when customers leave your business when they don’t want to. This can be for a number of reasons, but one major reason is failed payments. Payments can fail for lots of reasons, including daily spending limits or just not going through the system for whatever reason. Oftentimes customers don’t know their payments have been declined until there is a service interruption, and by then handling it properly is crucial.
Retaining existing customers is crucial to most businesses, and it costs a lot more to attract new ones than it does to keep existing ones. Learn how to solve failed payments while enhancing customer trust and loyalty from the infographic below!