Here's how dunning management can help your business
Automate payment retries
Sending reminders and following up with customers about failed payments is very time-consuming. You can automate that process with Zoho Subscriptions. In case of payment failure, the system will retry charging the customer's card, send a notification based on your preference, and keep track of it on your behalf.
Dunning management is a proactive approach to handling payment decline cases efficiently. When you have a system set to respond, you do not have to monitor each case personally and then decide on an action. The system will automatically trigger the defined course of actions.
Set retry rules
Although dunning management is an automatic process, you can still always customize the content in emails and set the number of times a request should be sent to a particular customer before confirming it to be a canceled subscription. This way, you can automate the process but stay in control.
Reduce churn rate
Churn rate is the pace at which customers are canceling their subscription. In the absence of dunning management, your churn rate will be very high because the customers will not get a chance to retry in case of payment failure. Automated dunning management will help retain a lot of these customers, which is essential for business growth.
Reports for analysis
So how do you check if your dunning management has been effective? There has to be a metric, right? In Zoho Subscriptions, you can generate reports for churn rate, net cancellation, and churn after retries, which can help you measure the results of the process effortlessly.