Payment and billing are the engine of your subscription business. Two types of value flow from these processes. One is the revenue itself, and the reduction of the complexity your team has to deal with in securing that revenue. The second is the reduction in churn.
Up to half of all terminated subscriptions are due to payment failures. This means that spotting and quickly fixing payment process problems have a transformative effect on subscription services.
The ‘Pay’ step of the Retention Journey focuses on two dimensions of your payment setup.
- your subscribers’ payment methods, channels, and the gateways that process these payments
- your payment success rates (at multiple levels)
Key Insights from the Pay Step
These are some of the most important insights you can access on the Pay step of the subscriber journey:
- Through which channels or stores are most transactions processed?
- What gateways and methods do most payments glow through?
- Is location affecting the popularity of a method? Do I need to add more payment methods?
- Where are the weakest points in my payments platform?
You can find definitions, calculation logic, and analytical uses for each Pay metric on their respective pages.