How Much Revenue Is Expired Data Costing Your Business?

Take Hall’s Culligan Water , for example. By integrating Forte’s Account Updater to its existing Forte bill payment solution , the company was able to drastically reduce the number of failed transactions, ensuring that their customers’ services continued uninterrupted. The company also saw immediate profits: In one month of using Account Updater, Hall’s Culligan increased its collection rate by 3%, processing $258,000 more in payments than the month before.

This not only helped the company maintain consistent revenue flow, but it also led to improved customer satisfaction. Account Updater completed 4,000 cardholder updates without any Hall’s Culligan employee intervention, locating $193,000 from cards on file that simply needed their expiration date updated. With fewer payment failures and less staff time spent on collections, Hall’s Culligan was able to focus on delivering high-quality service rather than tracking down payment issues.

By using Account Updater , businesses can avoid the need for manual payment updates, ensuring that payments are processed smoothly and efficiently, meaning fewer interruptions, reduced customer friction and a more predictable revenue stream.

The Benefits: Why You Can’t Afford to Ignore Expired Customer Data

• Reduced revenue loss: Expired or outdated payment data is one of the leading causes of failed payments, directly impacting your bottom line. Using Forte’s Account Updater ensures that payments go through without interruption, preserving revenue and reducing churn.

• Improved customer retention: Customers hate dealing with payment failures. Each failed transaction increases the likelihood that customers will cancel their service or switch providers. By automating the update process, Forte’s Account Updater removes this point of friction, creating a better experience for customers and encouraging long-term retention.

• Operational efficiency: Chasing down customers to get updated payment details takes employee time and resources that could be spent on more important tasks. With Account Updater, the process is automated, freeing up your team to focus on improving customer experience and driving growth instead of resolving payment issues.

• Better customer experience: A seamless, hassle-free payment process is one of the easiest ways to improve customer satisfaction. When customers don’t have to worry about updating their payment details or dealing with payment failures, they’re more likely to stay engaged with your business. This leads to higher satisfaction, loyalty, and lifetime value.

Don’t Let Expired Customer Data Impact Your Bottom Line

Expired customer data is a hidden drain on your business revenue. While it may seem like a minor issue, the impact of missed payments, lost customers and wasted time can add up quickly.

With CSG Forte’s Account Updater solution, businesses can eliminate the risks posed by outdated payment data, ensuring that payments go through smoothly, improving retention and ultimately boosting revenue.

Ready to stop letting expired customer data cost you money? Talk to an expert today and discover how CSG Forte’s Account Updater can help streamline your payment processing, reduce churn and unlock your business’s full revenue potential. Get in touch with one of our payments experts.