ONLINE businesses are being offered a free trial of innovative customer retention technology designed to capture failed transacions.
The trial has been launched by Vindicia for its new CashBox Select service and is available to companies which use subscriptions or operate a recurring billing platform.
Vindicia says it will process up to three days’ worth of a company’s recently declined transactions and deposit the rescued revenue directly into their accounts.
It estimates it can rescue as many as 40% of failed transactions for most online businesses.
CashBox Select prevents retailers from losing sales through accidental card declines caused by the use of out-of-date or lost cards, Vindicia says.
It argues that many successful businesses are losing as much as 10-15% of their customer base because of “preventable churn”.
One business which has used the new SaaS system is TransUnion Interactive, and president John Danaher says it has helped his business increase its growth in the long-term.
“We chose CashBox Select to help us retain more customers and increase our long-term growth potential,” said Mr Danaher.
“We were highly encouraged by the results of our CashBox Select trial and are incorporating it into our product line.”
Vindicia Chairman and CEO Gene Hoffman says his business is setting a new standard for eCommerce.
“We’re pleased to be launching CashBox Select today and to bring our unique ART technology to an expanded set of digital businesses,” he said.
“To be able to offer this capability as a standalone solution sets a new industry standard, and will help many large online businesses expand their total subscriber base and rescue millions in otherwise lost revenue.”
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