We’ve added powerful new tools to help you optimize your payment recovery strategies. Our new Backup payment metrics and Payment recovery tracking features give you valuable insights into your payment success rates, so you can improve your recovery tactics and reduce churn.

Backup Payment Metrics in Payment Analytics

We’ve introduced Backup Payment Metrics, allowing you to track the performance of backup payment methods. These new metrics help you understand how effective your backup payment methods are, and enable better decision-making for payment recovery.

Key Highlights:

• Monitor backup payment attempts and recovery rates.
• Evaluate the effectiveness of backup payment methods.

To get started, ensure that the backup payment method is enabled in Loop.

Payment Recovery: Card Updates vs Retries

Now, you can track whether your payment recovery happens through card updates or retries, making it easier to measure the success of both methods.

New Metrics:

• Recovery contribution split: See how much each recovery method contributes to overall success within a selected time period.
• Recovered via card update: Track subscriptions that were recovered by updating payment methods before the next payment attempt.
• Recovered via retries: Measure how successful retries are in recovering payments based on your configured retry days.
• Recovery contribution trend: Track trends in overall recovery and the share of success between card updates and retries.
• Failure reason-wise recovery contribution: Get detailed insights into recovery success, broken down by each payment failure reason.

Start tracking and optimize your payment recovery process with these new features!

Need help?

Reach out to support@loopwork.co or get in touch with your success manager.