FlexPay is an AI-driven platform that utilizes machine learning algorithms to recover declined transactions and minimize involuntary churn for subscription businesses. By implementing Invisible Recovery and Engaged Recovery methods, FlexPay significantly increases customer retention and revenue by efficiently addressing failed payment issues.
Funding
$8.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Subscription-based businesses face significant revenue loss and customer churn due to failed payments. Traditional recovery methods often disrupt the customer experience, leading to dissatisfaction and potential cancellation of subscriptions. Many businesses lack an efficient system to address and resolve failed payment issues proactively.
Solution
FlexPay offers an AI-driven platform designed to recover failed payments and minimize involuntary churn for subscription businesses. The platform employs two primary methods: Invisible Recovery, which works directly with payment systems to resolve declines without customer intervention, and Engaged Recovery, which uses behavioral science to encourage customers to update their payment information. By selecting the optimal recovery method for each failed payment, FlexPay maximizes subscriber retention and revenue recovery. The platform integrates with over 100 billing and payment processing systems, ensuring a seamless implementation process.
Target Audience
FlexPay primarily targets subscription-based businesses across various industries, including SaaS, e-learning, subscription boxes, and direct selling, that are seeking to reduce churn and increase revenue by recovering failed payments.
Features
- AI-powered Invisible Recovery that automatically resolves failed payments within the payment system
- Engaged Recovery utilizes behavioral science to prompt customers to update payment details
- Integration with over 100 billing and payment processing systems via API
- Real-time monitoring and reporting of failed payment recovery performance
- Customizable communication strategies for engaging with customers during the recovery process
- Automated retry logic based on decline code analysis and intelligent algorithms
- Support for various payment methods and currencies
- Comprehensive dashboard for tracking key metrics such as recovery rate, churn reduction, and revenue saved