To address the losses and issues that arise from failed transactions, sticky.io and FlexCharge aim to provide a solution that improves the ecommerce landscape. The service’s objective is to enable customers to complete their purchase, instead of displaying a payment failure message when the user’s chosen payment method encounters an issue.
The partnership’s objective
Research shows that online merchants lose approximately 62% of customers who encounter a failed transaction, resulting in an increased risk of negative user experience, as well as the potential to lose those clients to competitors. Moreover, merchants face significant financial deficits due to payment declines, the amount being estimated at nearly USD 600 billion each year when factoring in lost sales, customer acquisition costs, and reduced customer lifetime value.
In addition to being able to address fraud-related reason codes, FlexCharge’s AI technology can manage payment declines for insufficient funds and credit availability. If a payment is declined, the transaction is sent to FlexCharge in real-time to assess and determine the eligibility for approval within milliseconds, with little to no customer interaction required. Moreover, the platform partners with merchants and payment providers to recover failed customer transactions without added costs to the consumer and decreased risk for the business. By leveraging FlexCharge’s technology, merchants can increase approval rates and sales, as well as enhance customer retention.
The sticky.io and FlexCharge solution provides a simplified experience, as there are no checkout changes, redirects, or registrations involved. Both companies aim to help ecommerce businesses enhance their operations in the current competitive landscape.
More information about sticky.io
Founded in 2008, sticky.io is a performance-driven commerce platform specialising in recurring billing and subscription management solutions for direct-to-consumer merchants. Its API-first solutions and subscription apps enable online businesses to manage offers, subscriptions, payment orchestration, and customer data to improve business operations. Currently, the company supports 71 million subscriptions and processes more than USD 7 billion in transactions annually, according to its data. Some of sticky.io’s customers include RealDefense, SkinnyFit, Hello Divorce, Truly Free, and Multipure, among others.
About FlexCharge
With its operations based in Australia, FlexCharge is an AI-powered, payment decline management platform that addresses the challenges in digital commerce payments. The company collaborates with merchants and payment providers, providing a simplified and real-time solution to decrease and administrate declined customer transactions. FlexCharge aims to allow businesses to recover lost revenue, enhance customer experience, and optimise their payment processes.
