UK-based payments platform GoCardless announced on Wednesday it has launched its first payment intelligence product, Success+ to help businesses tackle the problems caused by failed payments. According to GoCardless, Success+ uses machine learning to analyze trends from GoCardless’ recurring payments data and identify the ideal time to retry a failed payment. The product automatically schedules payment retries, within the parameters set by the merchant, on an optimal day for each payer. GoCardless further observed:
“More than 2,000 GoCardless customers have been testing Success+ and are already seeing the benefits of optimising payment retries. By being able to automatically choose the best retry date, businesses are seeing payment failures decrease by 15%.”
Speaking about the product, Monsur Alam, Head of Finance at Insurance company NEOS, stated that before using Success+, he and his team were recovering 30%-40% of our failed payments.
“Now 80% of our retries are successful, plus it has helped us save half a day of work per month.”
Hiroki Takeuchi, CEO and co-founder of GoCardless, added:
“Of the 2,000 customers who have been testing Success+ prior to launch, 63% have seen an improvement in cash flow. Many of our customers struggle with the problems caused by failed payments and we are now able to improve the process for them, proving that payment failure is optional rather than inevitable.”
Success+ is available in Bacs to optimize recurring payments from payers in the UK and will be rolled out in SEPA shortly and to other bank schemes later in the year.
GoCardless describes itself as a next generation payments company that makes it “incredibly” cheap and easy for anyone to take payments online using its Direct Debit infrastructure. The company is sponsored by Royal Bank of Scotland (RBS) and is regulated by the FCA Financial Conduct Authority (FCA).