Are you a SaaS start-up company that finds managing credit card payment failures a pick-and-shovel job? Are your attempts to reduce churn due to revenue loss failing high time?

At the end of the day, you know your ground zero is to track down the revenue coming into your business. And it is not a task for the faint heart. To do so, spending a great deal of time manually reviewing and contacting the customers to address their declined payments regularly won't be plausible, won't it?

But you are not the only one here; SaaS businesses average a loss of around 9% of their customers due to failed payments.

So as a budding SaaS company, you wouldn't want this to be a roadblock in your path towards success.

As every lock has its key, this no-win situation can be diverted to the win-win road by fine-tuning your business toward the subscription billing platform that provides dunning management to clear your potential customer churn barrier.

What is Dunning Management?

Dunning Management is a must-feature for SaaS start-ups that want to climb their way up towards success. It involves creating and running automated systems to monitor customer payments, distribute invoices, and manage accounts.

This powerful tool enables SaaS businesses to take charge of collecting pending payments on time and avoiding customer churn and revenue loss due to late payments. It also helps improve customer satisfaction by allowing them to make real-time payments with ease.

Here are 3 tips to implement dunning management:

The first step to implementing a Dunning Management system is to set up an automated process.

MYFUNDBOX is one of few subscription billing platforms which provide the prominent feature of Dunning management to put your customers out of their misery; thereby benefiting you from recovering lost revenue and a stable customer base.

2. Monitor and Measure the Effectiveness of Your Dunning Process:

Monitoring and measuring the effectiveness of your dunning process is a crucial step in ensuring it’s as successful as possible.

Pay close attention to customer feedback related to their experience with the dunning process. Find out their opinions about the process.

Adjustments made based on customer feedback can help increase overall customer satisfaction, loyalty and appreciation of being heard.

3. Offer Personalised Solutions to Customers at Risk of Churning:

To avoid churn, by assessing which customers are most at risk of churning, you can prevent them from leaving your business. Their usage frequency, features and plans used, payment methods and more can help you determine the extra attention and engagement needed to address their grievances.

Reaching out with tailored and personalised solutions that address the customer’s individual needs could turn over their intention of deserting your business and turn them into a loyal one.

Taking time to review your customer's most viable options will give them a better understanding of the value of your product and be more likely to continue doing business with you.

Compartmentalising your tasks would lift some burdens and help you concentrate your energy and focus on your business.

About us:

All these steps and more concerns regarding your customers retiring from your SaaS business could be adjusted by integrating with the subscription billing platform which supports dunning management efficiently.

MYFUNDBOX is a subscription billing platform to help businesses handle recurring billing and revenue management operations integrated with payment processing decacorns like Stripe, GoCardless, and Mollie.

It was started to help SaaS companies focus on their growth while we make sure they get paid securely and on time. Dunning management is one such feature of MYFUNDBOX, where we excel and have healed many churning customers back to business with it!

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