The
Payment Failure Trigger
in Sales-Finance is a powerful tool for automating processes when a payment fails for a specific product subscription. This automation allows businesses to proactively handle failed payments, ensuring that issues are addressed quickly and efficiently to maintain smooth operations and positive customer experiences.How it works:
- Select a Product: Start by selecting the specific product for which you want to apply payment failure automation. This ensures that the workflow is triggered only when the payment for the relevant product subscriptions fails.
- Define Workflow: When a payment fails, the system triggers an automated workflow. This can include several actions, such as:
- Send payment failure notification: Automatically send an email or SMS to notify the customer of a payment failure, with instructions on how to update their payment method or retry the transaction.
- Update CRM and Financial Systems: Automatically update customer records in your CRM and financial systems to reflect failed payments and keep records accurate.
- Alert Internal Teams: Notify relevant teams (eg, finance or customer support) so they can follow up manually if necessary.
Advantages of Automation Workflow:
- Immediate Customer Notifications: Customers are notified of payment issues immediately, reducing delays and improving their ability to resolve the issue.
- Reduce churn: Proactive communication and retry efforts can help recover failed payments and prevent cancellations due to billing issues.
- Data Consistency: Your CRM and financial systems are updated in real time, ensuring accurate records without manual intervention.
- Operational Efficiency: Automated follow-ups and retries for payment failures save time and ensure consistency in handling these issues.
By choosing the right product and setting up automated actions, you can improve payment recovery, enhance the customer experience and reduce the impact of payment failures on your business.