March edition: Payment failures and reconciliations

Greggs payment glitch sparks cash vs. cashless debate

Last week, Greggs was forced to shut down several of its local branches due to technical glitches, leaving them unable to process card payments . This hiccup occurred right after similar issues were reported by other big names like McDonald's, Sainsbury’s and Tesco.

These events reignited debates on X about the feasibility of a completely cashless society. Customers, worried about relying solely on digital transactions, questioned the stability of this system, especially in the face of widespread disruptions.

The lesson learned? It's crucial for businesses to offer diverse payment methods and have solid strategies in place to handle payment failures. When choosing a payment provider, it’s important to consider these key features:

1. Reliable systems: Look for partners with backup tools to minimise downtime during technical issues.
2. Flexible payment options: Opt for a provider that supports various payment methods—cards, mobile wallets and cash—to cater to different customer preferences.
3. Security measures: Prioritise partners with robust security measures to protect customer data and prevent fraud.
4. Responsive support: Choose a business known for its responsive customer service, ready to tackle any issues swiftly.

How to boost revenue in your recurring billing model

Subscription-based business models are becoming increasingly important, with 70% of business leaders recognising its value for the future. However, these models come with challenges, such as revenue leakage, where companies struggle to manage complex billing processes effectively.

To tackle this, let’s cover the smart payment reconciliation tools you need to know about! Here's a simple breakdown of automated features designed to prevent late or missed payments:

• Auto-rebiller: If a payment fails initially, this tool keeps trying until it succeeds.
• Multi-card registration: Customers can register multiple cards, so if one expires, the system automatically tries others, reducing churn.
• Pay by links: Send gentle reminders via SMS or email with a payment link for missed payments, making it easy for customers to pay on time.
• Account updater: Keep customers' card details up to date automatically, even if their card expires or is lost.
• Optimal billing times: Use insights from payment data to know the best times to charge, increasing successful payments.

By using these features, you can simplify your billing process and minimise revenue loss, setting your business up for long-term success.

Team catch-up in Malaysia

In recent company news, our team travelled to Malaysia to catch up with the team at NomuPay. It was a great opportunity to collaborate and plan for the future. During our time together, we shared ideas, discussed challenges and of course had to get a team picture to commemorate the occasion!

And that’s all for this month. Happy Easter from all of us at Total Processing!