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As a CFO, you’re keenly aware that customer retention is critical to the long-term growth of your company’s recurring revenue business strategy. After all, the cost to retain a current customer – even one that appears to be falling through the cracks due to payment failure – is far less than the alternative of having your company’s sales and marketing organization go out and find a replacement customer.
However, at the first sign of a payment issue, many billing systems automatically interrupt the subscription service, leading to the dreaded “involuntary churn.” Sure, the subscriber may have momentarily exceeded his credit card limit, or perhaps the bank issued a new card and the subscriber forgot to update his billing information. In many cases, failed payment rates – and involuntary churn – can exceed 15% of your subscribers every billing cycle.
Involuntary churn not only impacts your immediate income and cash flow. What’s even more troubling is the long-term effect of subscriber churn. Even the smallest decrease in customer retention can drastically impact your average customer lifetime value (ACLV), the average amount of subscription revenue you can expect to receive over the lifetime of your relationship with a particular customer.
Vindicia offers two SaaS-based solutions that help CFOs reduce customer churn and maximize ACLV: Vindicia® CashBox® and Vindicia Select™. CashBox is a complete subscription billing platform that combines cutting-edge customer acquisition methods with advanced customer retention technologies. Designed to support the entire subscription lifecycle, CashBox helps businesses grow bigger, faster. It also delivers the back-office finance, tax, and anti-fraud automation you expect from an enterprise-class solution.
If your organization already has an efficient, agile billing system in place, then Vindicia Select is the perfect companion solution to your existing system, increasing subscriber retention by healing failed payment transactions – and driving higher revenue and ACLV.
Each solution will help your company realize more value from your offerings. The network effect of our rich database of subscription transaction information gives us insights into transactional trends. Analysis that leverages big data lets us baseline important metrics and identify ways to improve your company’s revenue.