The Real Cost of Declined Recurring Transactions
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- Cecil Cole
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1 The Real Cost of Declined Recurring Transactions for Businesses Software Differentiation Through Payment Innovation paypros.com Software Differentiation
2 Table of Contents Overview...3 The Survey...3 Executive Summary...4 The Declined Transaction Formula...4 Detailed Results Top Benefits of Reducing Card Declines...5 The Problem...6 Business Profile...7 Real World Use Cases...8 Product Summary PaysPros Decline Minimizer...9 How PayPros Decline Minimizer Works...9 The PayPros Vision
3 Overview Operations processing any sort of repeat or recurring transactions are more than familiar with the headaches of declined cards. When a scheduled transaction doesn t occur due to expired or outdated card information, it means lost and delayed revenues, staff time dedicated to tracking down customers, and inflated processing fees for the business. Working with our software developer partners serving industries in which scheduled payments are common, PayPros began to see definite trends among businesses. Intuitively, we suspected a relationship between the costs of declined transactions and the value a software developer could offer with the right account updating solution. We set out to learn where the true pain points were for operations beyond the obvious ones, such as the loss of a percentage of revenue. Taking it a step further, we decided to uncover the perceived benefits of, and wishes for, account updating within their integrated payment systems. We are confident you will find the results intriguing, as they paint a clear picture of how businesses operate. More valuable, however, this study uncovers an opportunity for software developers to solve an acute yet preventable problem for their customers. The Survey Between December 2012 and February 2013, PayPros surveyed 230 businesses which process recurring and repeat transactions. Among qualified respondents, 152 submitted in excess of 100 card-on-file transactions monthly (the point at which, we found, businesses began struggling with the cost and effort related to card declines). The survey, entitled The Real Cost of Declined Recurring Transactions, yielded telling insights into the impact of having regular payments declined due to outdated or expired card information. Furthermore, we explored how operations respond to, and attempt to overcome, this all-too-common problem. We learned, when reduced to the most granular level, that the costs of declined transactions can be quantified quite accurately. 3
4 Executive Summary Businesses conducting repeat and recurring transactions are fully aware of the effects declined cards have on their operations. When asked to consider specific costs and tasks associated with surmounting the problem, business owners provided direct answers, clear analytics and ample details. The data collected paints a vivid picture of what businesses struggle with daily. Perceived Value of Eliminating Card Declines When asked how eliminating the majority of card declines might impact their operations, the top answer given was increased cash flow. Popular responses also included, better customer relations, reduction in card processing fees and improved staff productivity. Lost & Delayed Payments Certainly, any card decline will delay the payment from a day to several weeks. A portion will never be collected, as the customer or card information cannot be tracked down. The average value of lost and delayed payments for a business is $8,069 monthly. The average merchant never recovers 4.97 transactions monthly, accounting for $ in lost revenues. Tracking Down Declined Cards The survey uncovered a number of soft costs those not accounted for in revenue lost and processing fees. When a card is declined, staff is redeployed to track down the new information. Communications in the form of mail or phone calls are executed. When businesses measured the monthly cost for these expenses alone, they found they spent $ The Declined Transaction Formula The results of this survey helped PayPros develop a unique formula to measure the costs of declined recurring transactions to merchants, and the value that you the software developer can deliver. This formula takes into account: Typical amounts charged per transaction Number of declines Time spent resolving declines Staff costs Soft costs, such as mail and supplies Lost revenue Delayed revenue When applied, this formula provides a line-item accounting, customized for the particular business operation, of how declined transactions affect them financially. This formula is available to developers in an on-line format permitting you to game various scenarios for customers. Ask your PayPros representative for details. 4
5 Detailed Results Top Benefits of Reducing Card Declines Businesses know that as the number of stored cards increases, the strain on business resources does, as well (as we ll see later in this study). We asked business owners what benefits they would associate with eliminating the majority of card declines. They had very clear opinions on the topic. 68% Increased Cash Flow 52% Better Customer Relations 49% Reduction in Card Processing Fees 43% Improved Staff Productivity These businesses realized that fewer card declines means more revenue, as most lost or delayed payments become things of the past. Furthermore, customer friction is reduced as there s no need to chase down outdated cards. The customer is never reminded of the scheduled payment, so there s little opportunity to say, I m not sure I need your services, after all. Multiple processing attempts are eliminated, so processing fees are reduced. Finally, staff isn t sidelined tracking down card information, so they can focus on running the operation. Some other benefits mentioned by respondents included, Greater Customer Loyalty and Additional Sales. 5
6 Detailed Results The Problem Survey results demonstrated that there is a definite threshold for businesses which store cards. Those submitting fewer than 100 card-on-file transactions monthly see some operational inefficiencies associated with declines, but the problem is generally manageable. However, businesses which submit more than 100 monthly card-on-file transactions identify declines with a significant drag on revenue. $123: Average transaction amount 895: Average card-on-file transactions submitted 7.33%: Average decline rate $8,069: Average value of delayed & lost payments Tracking Down Declined Cards $4.11: cost per decline (staff wages, time, supplies, etc.) 66: average number of monthly declines $271.26: monthly soft costs of a decline When businesses have recurring and repeat payments declined, there s more lost than the value of the purchase. Our survey revealed that staff time and resources are expended tracking down declined transactions. When a Card is Declined 90% 50% 42% 22% of businesses call the customer send an send snail mail wait until the customer s next visit Who Updates the Card 78% Supervisor 53% Manager 32% Staff on duty 30% Owner Lost & Delayed Payments After a card declines, businesses attempt to contact the customer to get updated card information, often unsuccessfully. Monthly Losses 4.97 $ Average Revenues lost number of lost transactions (payment never recovered) 93% of businesses reported card declines delay payments a day or longer 25% of businesses reported card declines delay payments more than a week 75% of businesses saw at least some declined transactions never collected 51% of businesses saw around 4% of their transactions never collected 23% saw a greater portion of revenue never collected 51% 75% 23% 6
7 Detailed Results Business Profile Respondents to this survey included businesses from a diverse field of industries. They varied in size, in the number of locations operated, and in how they store and process credit cards. Industries Represented in Survey Self Storage Facilities Retail Operations Dry Cleaning Establishments Music Stores & Rentals Automotive Dealerships Medical Property Management Restaurants Health Clubs Locations 58% operate 1 location 92% operate up to 4 locations Stored Cards: A Snapshot 9 13 % Among these, schedule WEEKLY payments Average number of cards stored = 46983% charge their customers on a schedule basis 72 % schedule MONTHLY payments Processing 53% process 1,000 to 10,000 transactions annually. 7
8 Detailed Results Real World Use Cases These 2 diagrams represent actual businesses and their experiences with recurring payments. Example A: Retail Music Store (instrument rentals) Collections Due to Declined Cards 20 Locations x 200 Recurring bills per location = 4,000 Monthly Bills 4,000 Monthly bills x 7.3% Average monthly decline rate = 292 Declined Cards 292 Declined cards x $60 Average bill = $17,520 in Monthly Collections $17,520 in Monthly collections x 12 Months = $210,240 Annualized Collections Due to Declined Cards Example B: Wi The High Cost o When businesse the risk of custo the service. = $2 = $ Pa Music Store (instrument rentals) Declined Cards 20 Locations Recurring bills per location 4,000 Monthly Bills 4,000 Monthly bills Average monthly decline rate 292 Declined Cards 292 Declined cards x $60 Average bill 20 in Monthly Collections,520 in Monthly collections x 12 Months 240 Annualized Collections ue to Declined Cards Example B: Winery (wine clubs/memberships) The High Cost of Cancelations When businesses call customers to update cards, there s the risk of customers canceling, realizing they don t truly need the service. 20 Quarterly cancelations x $135 Average order value = $2,700 Quarterly Revenue Loss $2,700 Quarterly revenue loss x 4 Quarters = $10,800 Annualized Revenue Loss Due to Cancelations Declines Prevented by PayPros Decline Minimizer = 66% $10,800 x 66% = $7,128 Annual Value of Prevented Cancelations 8
9 Product Summary PayPros Decline Minimizer Easily Integrated PayPros Decline Minimizer is an automated card updating service, designed for effortless integration by software developers. Once the PayPros Managed Payer Data service is implemented, developers need only use our simple API to update the truncated card information stored in their applications. Integration done. Totally Automated Leveraging the PayPros Innovo technology platform, your customers can expect a completely automated process when using PayPros Decline Minimizer. Businesses simply request the service and PayPros handles the rest. No lengthy approval process and no set up fees. On a daily basis, PayPros Decline Minimizer automatically updates expired and outdated card information stored in our Managed Payer Data Vault. The process is virtually invisible to the merchant and, yet, your customer will benefit from fewer card declines and more approvals. Businesses can review summary and detailed card update data via online reporting tools. Ready to Set Your Software Apart Given the considerable cost and potential for lost revenue among businesses who manage recurring payments, PayPros Decline Minimizer represents a significant opportunity to add card update capabilities to your software quickly and with negligible effort. You ll experience product differentiation because, for your customers processing recurring transactions, the ease of sign-up and savings will make a difference in their operations. Expect adoption of your payment solution to spike, resulting in increased commissions. And those businesses will use your software longer sticky customers who can increase your maintenance and upgrade revenues. How PayPros Decline Minimizer Works While your customer sees little of the mechanics behind PayPros Decline Minimizer, the PayPros Innovo technology platform is hard at work behind the scenes, ensuring the process is totally automated, that card data remains current and that transactions process successfully. The Customer Experience Transaction submits Merchant can access summary & detailed card update reports online Your customer simply calls PayPros to order Decline Minimizer 1 Merchant record marked for updates by PayPros. Consumer Payments PayPros Technology Behind the Scenes... Fewer declines More approved transactions PayPros automatically updates all cards stored in the PayPros Managed Payer Data Vault daily. PayPros processes transactions with updated card data. Customer s software updated with new trusted card data. 9
10 The PayPros Vision PayPros understands that for a payment partnership to offer value to a software company, it must: Deliver product differentiation to impact new product sales Ensure customer adoption and retention to increase maintenance and upgrade revenue Decrease the support burden Maximize commission for increased profits or development funding The PayPros team is a unique combination of merchant service professionals and long-time software industry veterans. We understand the dynamics of growing productive software businesses namely, sell more products, maintenance contracts and upgrades. While our competitors focus on securing a piece of your customer s current transaction flow, PayPros will increase that transaction flow by generating new customers and ensuring retention of existing ones. The payment technology market is expanding rapidly. There are numerous new technology initiatives mobile, social media, advanced security, loyalty programs, the cloud and many more. These represent opportunities for the software provider to add differentiation to its products, but will require a partnership with a payment technology provider having the vision and platform to adopt technologies quickly and uniquely. Everything we do from product development to support services to partner business relationship management is designed to provide one thing: Software Differentiation Through Payment Innovation. Learn more about PayPros Decline Minimizer, visit paypros.com/declineminimizervid or call Central Avenue Newark, CA paypros.com paypros.com PayPros is a registered trademark of Payment Processing, Inc Payment Processing, Inc. All Rights Reserved. PPDMwhitep-SD RL 10
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