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April 22, 2020

GoCardless launches payment intelligence product to help businesses

By Evie Rusman

Fintech GoCardless has launched its first payment intelligence product to help businesses tackle problems caused by failed payments.

Success+ uses machine learning to analyse trends from GoCardless’ recurring payments data and identify the ideal time to retry a failed payment. In addition, it automatically schedules payment retries on the optimal day for each payer.

Hiroki Takeuchi, CEO and co-founder of GoCardless, said: “Success+ is the first in a line of payment intelligence products that we are launching to help our customers manage their recurring payments more effectively. It enables businesses to retry their payments at the optimal time, when funds are most likely to be available.”

Intelligent retries are available at launch, with additional features to follow. This includes the option to not retry a payment if the probability of failure is high.

Trialling Success+

To date, over 2,000 GoCardless customers have tested Success+. According to GoCardless, many have seen benefits.

Takeuchi added: “Of the 2,000 customers who have been testing Success+ prior to launch, 63% have seen an improvement in cash flow. Many of our customers struggle with the problems caused by failed payments. We are now able to improve the process for them, proving that payment failure is optional rather than inevitable.”

Speaking on Success+, Monsur Alam, Head of Finance at Insurance company NEOS, said: “Before using Success+ we were recovering 30%-40% of our failed payments. Now 80% of our retries are successful, plus it has helped us save half a day of work per month.”

According to GoCardless research, businesses spend thousands of pounds annually recovering payments through internal processes.

Emma Jones, founder of Enterprise Nation, said: “GoCardless shares our passion for supporting small businesses. Now, business owners require clarity on cash flow as the impact of missed payments or bad debt can be significant.”

Success+ is available in Bacs to optimise recurring payments from payers in the UK. It will be rolled out in SEPA shortly and to other bank schemes later in the year.

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