New Feature: Fewer Failed Payments on Recurring Plans

As many of you know, MoonClerk is built on top of the payment processor, Stripe. One of the reasons this partnership works so well is that both MoonClerk and Stripe are constantly trying to improve. Recently Stripe announced a new system that will help reduce the number of failed payments on your payers’ recurring plans.

Stripe now works directly with card networks so that in many cases, even if a credit/debit card gets replaced by a bank (due to fraud, expiration date, etc.) the card will be automatically updated. That means in many cases, the cardholder won’t need to go in and manually update their expiration date if the card has expired or, if their card is stolen, they won’t need to go in and update their account with the new billing information. Stripe works with the banks to do all of this automatically.

Now, this doesn’t work with every card. It will not work for American Express cards but it will work for about 60% of Visa, Mastercard, and Discover cards. So, we’re going to keep our current dunning system in place – but with an upgrade. Previously, if a payer’s card on a recurring plan failed, we would automatically send out a notification on your behalf, letting them know the payment had failed and giving them the means to update their billing information. We’ve now upgraded our email notification system to only send these emails out in the cases when Stripe’s new system doesn’t work for the payer’s card.

So, you should now be covered on all sides – Stripe will take care of reducing the number of failed payments. And MoonClerk will help take care of the payments when they do fail.

You don’t need to do anything to take advantage of these new features. They’re automatically included on all accounts.

If you’re interested, you can customize the text on the notification emails that MoonClerk sends out on failed payments.

If you have any questions about these new features, send us an email at [email protected].