Electronic payments are growing nearly twice as fast as the global GDP, and because of this, nearly half of all businesses now see 7% of their payments fail. This is why so many companies have doubled down on their collections strategy and plan to modernize their technology in order to recover up to 20% more subscription revenue. The best companies use their collections processes as a backbone to ensure predictable revenue growth, customer retention, and bottom-line efficiency.
“With Zuora Collect, we’ve increased our average payment recovery rate by an additional 10% from what it was when the product had no machine learning. Using an AI-driven retry strategy also prevented us from starting a time-consuming research project that would have required testing to parse out the most optimal times to retry payments.” – Susanna Wright, Fraud & Payments Manager at Whitepages
In this solution brief, you will learn how Zuora Collect helps companies: