GoCardless launches Success+ to tackle failed payments
London based fintech, GoCardless has launched a payments intelligence product, Success+. This product will help businesses to tackle problems which are caused by failed payments.
Success+ uses machine learning to predict and analyse trends from GoCardless recurring payments data and identify the ideal time to retry a failed payment. The algorithm then automatically schedules retries on an optimal day for each payer.
“With Intelligent Retries, almost 90% of retried payments are successfully collected, where before we were only collecting 30-40%.” said Monsur Alam, Head of Finance at Neos.
Already more than 2000 customers of GoCardless have tested Success+. It is available in Bacs to optimize recurring payments from payers in the US and will be further rolled out in Single Euro Payment Area (SEPA) later this year.