In this episode, we sit down with Philip Pages, CEO of Redux Payments, to explore the issue of involuntary churn in subscription-based businesses.
Why churn is a critical problem, the difference between voluntary and involuntary churn, and the need for intelligent retry logic to reduce churn rates.
We dive into various retry strategies, the impact of new technologies like network tokens, and other methods to optimize payment recoveries.
Additionally, Philip shares practical advice for merchants to improve their payments performance and underlines the significance of focusing on involuntary churn for exponential business growth.
00:00 The Power of 0% Churn Rate00:48 Understanding Involuntary Churn02:12 Deep Dive into Subscription Churn04:40 Voluntary vs. Involuntary Churn08:16 The Financial Impact of Reducing Churn12:51 Technological Solutions to Churn18:41 Customer Experience and Retry Logic24:15 Maintaining Customer Trust24:49 Intelligent Retry Strategies25:53 Involuntary Churn Insights28:58 AI-Powered Payment Recovery29:50 Beyond Retries: Other Recovery Mechanisms33:52 Personalized Payment Solutions36:18 Optimizing Payment Recovery42:22 Exciting Trends in Subscription Payments44:32 Practical Advice for Merchants
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