Visi Money
TLDR
Stripe, the fintech giant known for its services to subscription-based businesses, has released a new churn management guide as part of its suite of billing products and services. The guide offers advice on reducing churn and increasing customer lifetime value, and is launched alongside new features in Stripe Billing that aim to help users better understand churn and recover lost revenue. Churn, which refers to the rate at which customers cancel their subscriptions, presents a significant problem for subscription services. Stripe’s research shows that reducing churn is crucial given the rising costs of customer acquisition. By recovering failed payments, subscription-based businesses can see a direct uplift in revenue. In 2022, Stripe’s automated payments recovery features helped recover an additional $3.85 billion in lost revenue for its customers. The new churn management guide and features provided by Stripe aim to make it more efficient for subscription services to recover lost revenue and reduce churn.
Key Points:
- Stripe has released a new churn management guide as part of its suite of billing products and services.
- The guide offers advice on reducing churn and increasing customer lifetime value.
FinTech giant Stripe has launched a new churn management guide, as well as new and improved features in its suite of billing products, in an effort to help subscription-based businesses reduce churn and recover lost revenue. The guide provides advice on reducing churn and increasing customer lifetime value, while the new features include a revenue recovery interface, options for recovery automation, and revenue recovery analytics. Churn presents a significant problem for subscription services, as reducing it can lead to a direct uplift in revenue. The costs of acquiring new customers have risen by 60% in the last five years, making it up to 7 times more cost-effective to retain existing customers. Stripe’s automated payments recovery features have already helped its customers recover an additional $3.85 billion in lost revenue. With the release of its new churn management guide and features, Stripe aims to make it more efficient for subscription services to reduce churn and recover lost revenue.
