Revenue Retention
Put an end to involuntary churn
The dunning tools you need to reduce customer churn caused by failed or delinquent payments.
Dunning 101
Problem
Dunning is the process of communicating with at-risk customers to bring their accounts current after a failed payment attempt.
Solution
All Maxio plans include easy-to-configure dunning management tools that allow you to control credit card retries, email notifications, and account cancellation logic.
Return
ROI varies, but recovered revenue averages over 4 times the Maxio monthly fee for smaller customers, and over 10 times for our larger clients.
Dunning features
Prevent payment failures before they happen
Proactively prevent failed transactions before they happen with customizable, event-based emails.
- Send end-of-trial emails, especially when customers might need to enter their billing information.
- Customize upcoming renweal notices to remind customers that their account is about to renew.
- Enable credit card expiration emails to notify customers of upcoming expirations along with a link to easily update their credit card information.
Communicate with past due customers
Don’t give up on lost revenue after a payment failure. Configure retry logic to keep trying after failed transactions.
The most important component of a dunning strategy is customer communication when transactions fail and accounts become past due. Maxio lets you customize and schedule multiple emails to re-engage with these accounts and reel them back in.
Manage the cancellation process
Event with a robust dunning strategy, some customers will not respond. Define how many days after the account is “past due” that cancellation will occur.
Customize the cancellation email to communicate what action has been taken and what features will be unavailable. Choose to offer incentive if they change their mind, and include information on how to reactivate their account.
Monitor past due accounting reporting
Event with a robust dunning strategy, some customers will not respond. Define how many days after the account is “past due” that cancellation will occur.
Customize the cancellation email to communicate what action has been taken and what features will be unavailable. Choose to offer incentive if they change their mind, and include information on how to reactivate their account.
