Payment failure is a bigger problem than you think.

With digital commerce on the rise for both local and global players across various verticals, from SaaS platforms to gaming, e-commerce, and more, payments are the backbone of this growth. However, what happens when these transactions encounter roadblocks? The answer is clear: lost revenue.

Take a look at the numbers, About 48% of your churn is as a result of failed payment. Globally, this costs businesses like yours a whopping $118.5 billion. At the core of this issue lies the frustration experienced by customers when they encounter payment failures. Whether it’s due to expired cards, insufficient funds, network downtime, or session timeouts, these hurdles can lead to abandoned transactions and ultimately, lost revenue for you.

However, amidst this challenge lies a tremendous opportunity for you to recapture lost revenue. By implementing automated SMS and WhatsApp notifications for transaction failures, you can effectively minimize the impact of failed payments on your revenue streams.

Consider this scenario: a customer is eager to make a purchase but encounters an error during the payment process. Without immediate notification and resolution, the customer may abandon the transaction altogether, resulting in lost opportunities for the business. 

This is where innovative solutions like the Terragon Marketing Cloud come into play – by regularly monitoring transaction data, it can provide insights into potential issues or friction points, enabling you to leverage automation to proactively reach out to customers facing payment failures, guiding them back to the checkout experience and ultimately salvaging what could have been lost revenue – with zero manual effort.