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Sticky.io guides
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The brand’s multifaceted operations under various telehealth brands posed intricate challenges in managing subscription billing, safeguarding revenue, and mitigating chargebacks. With a substantial portion of their revenue relying on subscriptions, the company needed a robust solution to streamline operations and ensure a seamless customer experience.
They faced the challenge of safeguarding revenue while minimizing payment disruptions. Managing subscription billing across diverse brand offerings in the telehealth industry was complex, requiring a solution to ensure reliable payment processing.
In their pursuit of revenue stability, they aimed to reduce involuntary churn and recover lost revenue effectively. They sought a solution to address declined subscription transactions and improve recovery rates.
To ensure long-term financial health and efficiency, the company needed to uncover untapped value within their operations and optimize revenue recovery to realize substantial cost savings.
The company employed payment cascading to enhance transaction success, Recovery for efficient recovery, and data-driven insights to unlock hidden value and savings.
In a year, the company rescued thousands of declined transactions with a 7% approval rate via payment cascading — the process of setting up multiple payment gateways in a predetermined order to increase the likelihood of successful payment processing. This can help ecommerce businesses reduce payment processing disruptions and improve their customers’ user experience. Recoveries spanned various decline reasons, including:
Notably, credit card transactions achieved an 8.8% approval rate, debit card transactions a 6.5%, and prepaid card transactions a 4.5%.
Sticky.io’s Recovery, which leverages machine learning to determine the optimal time to retry failed transactions with a unique date and time for each attempt, helped this company experience a robust 60-day revenue recovery rate. By turning declined subscription transactions into successful rebills, Recovery helped the company’s rate of recovery reach 28.6% in that span, boosting revenue and reducing involuntary churn.
Using Sticky.io's cascading and decline recovery features, the company uncovered substantial untapped value. In addition to achieving significant revenue recovery, they also discovered an extra source of value by salvaging revenue across thousands of orders. This cumulative benefit resulted in millions of dollars in enhanced revenue recovery. When annualized, this strategic approach translated to substantial savings.
Through its partnership with Sticky.io, the telehealth brand achieved remarkable results, largely through payment cascading and Sticky.io’s Recovery solution. The company witnessed a significant 7% approval rate for cascaded transaction attempts from August 2022 to 2023.
The adoption of Recovery led to impressive revenue recovery, with a stellar 28.6% of revenue recovered between October 2022 and April 2023, not only bolstering the company's financial health but also contributing to reduced involuntary churn to ensure a more stable revenue stream.
Overall, the company's collaboration with Sticky.io yielded exceptional outcomes, helping to fortify its position as a telehealth industry leader.