Wednesday, January 15, 2020

Industry Standard Monthly Credit Card Decline Rate

Doesn't anyone publish each month the credit card decline rate? They should, we'd all use it.

To explain...
I run an online consumer subscription which lives in the $20 per month world. Every month, sadly, some number of credit cards get declined.

Some months it goes up, some months it goes down. I often wonder if this has to do with something about how we, or our processor, are handling credit cards. But, if there were industry standard rates being published, we could see how we are doing vis a vis the industry.

Of course, to do it right, they could get increasing granular distinguishing between decline rates for debit cards and credit cards.  And for credit cards by different categories, perhaps by credit limit. Or some other segmentation. 

Does anyone know of such a thing?

Thursday, June 6, 2019

Recurring Payment Subscription Business Optimizers

You are not alone. Here are some vendors with real expertise, and useful newsletters, on subscription based online businesses.

Recurly - Credit Card Processing for recurring

 Zuora - credit card processing for subscriptions

Chargify - Another merchant vendor with subscription expertise

Mequoda - A complete system to digitize content, build paywalls, establish pricing systems, and build a subscription business.

Optimizely - Great system for optimizing sales funnels for subscription businesses.

Chargebee - Pricing Help for Subscription Businesses
Fusebill - Another vendor of Pricing Help for Subscription Businesses

Card Not Present - Website and info service with conferences
Merchant Card on Subscription Billing from CNP

Credit Card Conferences 2019

Thursday, June 14, 2018

Credit Card Declines are LOST Revenue from failed payments

I'm reading more from Recurly's website, here's some info on loss from recurring credit cards that get declined.  There are strategies to address the likelihood of credit card declines both prior to trying to run the credit cards (ie updater) and after they've been declined (what's this called again?)

Wednesday, June 13, 2018

Credit Card Account Updater

The account updater is a service for vendors that run a monthly billing subscription service.
This is a service provided by some credit processors that tracks changes, such as new expiration dates, and updates the records before the attempted billing fails.  It works on  MasterCard, Visa, and Discover cards. 
An account updater usually has some costs associated with it. They run the updater across all the cards and either charge per card monitored or by changed made.  It works on both   subscribers credit and debit cards.
This is one way that companies improve their processing and results for recurring transactions.  


Recurly sent out a great newsletter and I learned a new term: Dunning.
Dunning stands for Delinquent User Notification. Generally, it refers to sending emails or other communications, on a predetermined schedule, to subscribers when their payment fails.
Different businesses or different subscriber segments will have different responses to dunning, so it's important to constantly test and optimize dunning schedules and email content. In general, subscribers are more likely to respond to dunning emails that are customized to match the brand’s voice. Conveying urgency in each subsequent dunning email and presenting a clear call-to-action are also important for encouraging the subscriber to update their payment method.
To maximize its effectiveness in recovering revenue, the dunning process should function independently from the retry process.

Monday, November 20, 2017

Publix Credit Cards: Slow!!!

I've had a fascinating week with credit card readers. I went to Publix several time. I use an Amex card with a chip.  The Publix experience takes about 25 seconds. I mean once the cashier is finished, I put in my Amex card in the slot and have to wait 25 seconds for it to get processed.

This was really annoying at first since that's a long time to stand there when there's a line. But we got use to the new slower technology.

This week however I started shopping at Fresh Market. It's about half a mile from the Publix. Note that this is in Ft Lauderdale on US1 between Oakland Blvd and Commercial Blvd.

the Fresh Market processing of the same Amex card takes less than a second. Less than a second. That feels fast. It's like using Apple Pay.

What possible reason is there for Publix's processing to be that slow? IS it just lousy lousy lousy IT and programming? Probably.

Could it be that they are doing a financial check that the other stores aren't? I doubt it but possible.

Publix? Care to comment?

Saturday, November 11, 2017

Speed of Chip Readers for Credit Cards

I am shocked that when I go to Publix, the credit cards with a chip seem to take about 30-40 seconds to process.  This might not seem like a long time but since it holds the line still, it is a long long time. Basically, after the checkout process, the payment leaves the cashier sitting around idle waiting for the credit card to process.

What's weird is that in other super markets like the Whole Earth Store, it seems to be almost instantaneous, definitely less then 3 seconds.  Why can't Publix, with all their scale and resources, manage to accelerate the process.

Could it be that they are doing a credit check and getting approval in a way that other supermarkets skip?

On another note, I'd like to see whether blogger does trackbacks the way the wordpress sites do.  Seen the post on studying stem with bicycles?