Have you seen a lot of discussion on this site about recovered revenue? Recovered revenue is revenue that Recurly “saves” by automatically fixing credit card declines. How do we do it? That’s the subject of a series of blog posts I’ll be writing over the next few weeks.
If you’re already a Recurly customer, use these blog posts to improve your recovered revenue. If you're not (yet) a customer, check out these posts to get a better idea of what Recurly can do for you.
Recovered revenue is core to Recurly’s benefits and functionality. On average, Recurly merchants recover about 7% of their revenue – money that might have been lost otherwise. This is before recovery resulting from dunning emails, which adds a couple of additional points of recovery to the typical account. And there's a further bonus:avoiding credit card declines helps you cut churn as well.
This blog series will talk about how to maximize recovered revenue with simple configuration changes - no developers needed! - that can end up having a big impact on your bottom line.
Note: If you’re a Recurly customer, you can check your current recovered revenue now. Use the Invoices Summary export and sum up the “invoice_total” column for all the invoices that have an entry in the “Recovery Reason” field. There’s your recovered revenue! For a more detailed description, go here.
Find out your current credit card declines and recovered revenue. Then let’s watch your numbers improve in the coming weeks as we cover:
Account Updater. This makes a big difference, especially for B2C companies. Here’s a description and Recurly CEO Dan Burkhart’s post on Account Updater results.
Dunning timing. This determines how long you reach out to customers after a declined charge that Recurly hasn’t recovered yet. A longer retry cycle gives Recurly’s automatic retries more time to work as well.
Dunning email content. You get to customize the dunning emails that Recurly sends to customers for you. We’ll give you tips on how to make them more effective.
Analyzing the results. What have you accomplished? Is there more you can do? We’ll help you understand your initial and final results.
I look forward to taking all of you through the many ways to use Recurly to maximize your recovered revenue.
And, Recurly customers: If you’re looking for a 1:1 session on your current recovered revenue and how to improve it, let’s talk.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.