Symend announced a technology partnership with FlexPay, a provider of AI-powered failed payment recovery solutions for subscription businesses. Symend will integrate its Behavioral Engagement Platform with the FlexPay platform to enable new and improved options. FlexPay recovers up to 70% of failed payments and extends the customer lifecycle following its interactions by up to 45% over other recovery solutions.
Inflation is causing prices for consumer goods to skyrocket; with some everyday items now costing 8.5% more than last year, according to the consumer price index. As a result, many customers are struggling to pay their bills and must make hard choices, which is leading to increased voluntary churn on their subscriptions and causing pain for subscription companies. The FlexPay AI-Powered Invisible Recovery solution is the leading failed payment solution, dramatically lowering indirect churn, the leading cause of customer loss to subscription businesses. Invisible Recovery works directly with payment authorization systems, avoiding customer exposure to the failed payment to deliver industry-best recovery of payments and improved customer retention following seamless resolution.
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The FlexPay platform will integrate Symend’s best-in-breed Behavioral Engagement Platform to expand the range of unique and optimal strategies for every type of failed payment. This integration will enable FlexPay to harness the power of behavioral science and provide hyper-personalization at scale, improving results for subscription businesses and enhancing the customer experience.
With Symend’s Behavioral Engagement Platform, FlexPay will gain increased ability to redeem failed payments on hard declines or any transactions where customer engagement is required. This will provide a richer customer experience and give companies more options to retain customers previously lost to failed payments.
The new FlexPay Engaged Recovery solution enables all required transaction resolution options and information to be collected via an empathetic, positive customer experience that optimizes recovery and retention. All updates are available to merchant b****** systems so future payments will be successfully completed to avoid unnecessary customer interruption.
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Benefits of FlexPay and Symend’s partnership include:
- Customer experience will be positively impacted through hyper-personalized engagement strategies, driving improved brand loyalty.
- Subscription companies across industries now have access to an even more powerful solution to recover all types of failed payment, and to effectively reduce customer churn.
- Failed payments that occur for any failure reason, including soft decline or hard decline reasons, can now be positively recovered at higher rates.
- Significant call center and recovery costs can be eliminated, further improving the return-on-investment of subscription businesses.
Darryl Hicks, CEO and founder, FlexPay, said: “By partnering with Symend, the FlexPay AI-powered failed payment recovery platform capabilities are strengthened, increasing our industry-best failed payments recovery performance by adding recovery options through customer engagement. At the same time, we’re able to remain committed to our ethos of delivering results while optimizing customer retention and satisfaction.”
Hanif Joshaghani, CEO and co-founder, Symend, said: “By showing your customers you understand, you can soften the strong emotions that come with difficult circumstances – such as failed payments. When done well, you can turn a seemingly negative experience into a positive one. That creates a win-win for both customers and companies. With FlexPay, we’re working to help customers with improved options for payment recovery in a way that’s compassionate and efficient.”
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