An Atlanta-Based Company Gravy Solutions Provides Relational And Personalized Customer Retention Through Failed Payment Recovery At Scale For Businesses With Recurring Revenue Models. If A Business Relies On Recurring Payments Gravy Can Help It Recover Its Hard Earned Revenue And Return It Right Back Into A Business.
Gravy Solutions originally provided accounting services in the US state of Georgia. Subsequently, they identified one problem in the market – the majority of customers who did business on the Internet had difficulties with transactions while working with cards. Transactions were rejected for one reason or another: for example, the user entered the wrong card number, the wrong ZIP code, the limit was set incorrectly, etc.
In the United States, cards are actively used for bank deposits, but banks reject transactions in the event of even a minor error on the part of the user. This is logical, but it creates a lot of inconvenience to customers. As a result, chain trading companies lose up to 3% -5% of their revenue. Often, the client simply does not want to re-enter the data and goes to another website.
Accordingly, Gravy Solutions started looking for ways to solve this problem. The solution was this: you embed a widget or a code fragment into the payment page. If the payment transaction is unsuccessful, the code captures the error and tries to decrypt it. Often, the payment page provides a series of error codes that can be used to diagnose the main, typical problem. The error description is sent to the support center of the Gravy Solutions company, whose specialists are trying to promptly help.
Regardless of the results, the call center will contact the client. The client is informed of the error. If the type of error is clear, the client is advised how to fix it. For example, he is told that he entered the ZIP code incorrectly. If there is no clarity, attempts to solve the problem continue. Thus, due to the quick response, there is a chance of getting the client to complete the transaction.
The company built the above mechanism into various payment solutions, but it was not very effective. Then Gravy Solutions contacted us. We felt that there was no need to integrate this solution into different payment systems. It is enough to integrate it into the Stripe payment system, which is used by 50%-60% of American Internet users. Stripe has a great service like Stripe Connect. It allows service providers to integrate into their customers' accounts and receive real-time data from them.
For example, you are the owner of an online store. You have a Stripe account. Errors occur periodically in it. Information about them is immediately transmitted to Gravy Solutions. That is, they are not transferred by the store owner. Gravy Solutions has automatic access to account data, but cannot dispose of money or manage an account. Unlike other payment systems, Stripe correctly displays the nature of errors. With this information available, Gravy Solutions is able to quickly fix the problem.
We have implemented the integration of Gravy Solutions with Stripe Connect, and with Stripe itself. Our developers have created a number of applications inside Gravy Solutions.
The first application we started with was the Gravy Calculator. It reports the approximate number of annual transactions of the user and provides data on losses. For example, because of a denial of service, you lose 20 thousand dollars a year. You are offered to click the "Register" button. You press a button and they ask you if you are using Stripe. If you answer yes, they immediately connect you to Stripe Connect, provide all the data and show you how much you could save if you used Gravy Solutions. When you see that you have lost $ 20,000 in a year, you immediately decide to work with Gravy.
The work was carried out for six months.
The budget was approximately $50-$60 thousand.