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Dating site platform empowers social interactions with Vindicia Retain
Making the right connections
A popular dating site platform believes in the power of making the right connections. The company’s software-as-a-service (SaaS) platform is used by multiple niche dating brands to build communities and social networking spaces. The dating site platform offers its affiliates subscription revenue models and a wide array of payment processing solutions to suit the needs of consumers in many countries using a variety of currencies.
To support its growing global business, the company has worked with Paysafe as a payment processor for several years, along with several other payment processors. The dating site platform manages the different payment processors based on the processor’s success rate; that is, the percentage of successful payment captures. Like many subscription providers, the company was helping manage churn on behalf of its affiliate businesses. The company was doing its part to prevent active churn by helping its affiliates drive member engagement with marketing tools and moderation support. The dating site platform was also addressing passive churn using standard retry processes to recover failed transactions and recoup revenue every month. However, terminally failed transactions were a consistent problem across multiple affiliate brands doing business in multiple countries every day.
Resolving terminally failed transactions with Vindicia Retain
Paysafe introduced its partner Vindicia to help diagnose the underlying causes and attempt recovery of the terminally failed transactions, which spanned multiple geographies Dating site platform empowers social interactions with Vindicia Retain and currencies. To kick off a five-day trial of the Vindicia Retain solution, the company provided a sample dataset of over 1,400 terminally failed transactions from multiple affiliates across a one-month period. Vindicia Retain, powered by artificial intelligence and machine learning, identifies why a payment has failed and automatically tries different methods to ensure that the full payment is completed with minimal disruption to the consumer. Vindicia Retain dynamically responds to error codes from banks that decline the payments with methods to overcome these problems.
Vindicia and Paysafe: Working seamlessly together to keep more subscribers connected to the platform – and each other
Vindicia Retain captured 33% of the previously failed transactions, representing tens of thousands of dollars in otherwise lost revenue. The Vindicia team used Vindicia Retain to analyze transaction data to produce forecasts on the revenue impact of running Retain on the dating site platform’s tough transactions. Based on the success of the trial and Vindicia’s collaboration with Paysafe, the company is expected to recoup a projected 33% of its affiliates’ lost transactions over a 12-month period, for a projected revenue lift of more than $228K. Furthermore, Vindicia projected that the dating site platform would benefit from an extended customer lifetime value (CLTV) of $825K in subscription revenue from consumers retained for approximately six additional months after the recovery of their initial transaction failure.
Vindicia and Paysafe: Making growth happen
By combining Paysafe’s proven, reliable payment processor capabilities with Vindicia’s subscription and retention management capabilities, the company was able to securely bill unprecedented volumes of recurring payment transactions while automatically resolving previously declined payments. Best of all, the company was able to keep more subscribers connected to their dating site platform and each other.