Growth strategy is a marketing agency providing a wide range of services across the African continent and beyond.
How a Marketing Agency Automated Billing and Strengthened Revenue Management
The company’s customer pool consists of South African, European and American businesses. Being an expert in marketing funnel building and quality lead generation, Growth Strategy is growing rapidly, scaling into new markets and actively engaging new users.
The well-built product and processes provided control and management flexibility for quite a long time. However, as the company scaled, it faced serious challenges and enormous costs in managing ever-growing subscriptions and one-time charges.
Challenges
Customer churn due to unpaid invoices
Dealing with churn is one of the biggest challenges for every company in every industry, including marketing agencies. It’s very tricky to devote time to customers who haven’t paid their invoices or taken a break and at the same time not to sag in the quality of service delivery to current customers. Having to make lists, keep in head the dates of the customer’s last payment reminders, send periodic notifications and try to keep in touch with them is more labor intensive than it seems when you’re dealing with dozens of customers.
Fragmented sources of customer payments
As Growth Strategy entered foreign markets, it became necessary to connect additional gateways to accept payments from new international customers. Managing subscriptions using two gateways at the same time made the work much more complicated due to the constant need to monitor payments in different applications and consolidate them all together.
Solution
Automatization for timely payments
Late payment is almost impossible with auto payment. Thanks to the functionality of creating flexible pricing plans and customizing subscriptions, part of the customers were connected to annual subscriptions with autopayment. This allowed the company to be confident that they had built a long-term prospective relationship with their customers. And dunning for autopayment with debit attempts renewal will not allow transaction failures to become a concern for Growth Strategy.
Consolidation and comprehensive analytics
Rainex provided Growth Strategy with the ability to consolidate all payments into a single location through multi-gateways. All customer payments through Stripe and PayStack are reflected in the system, linked to subscriptions and invoices, with automatic status updates and triggering of dunning if it is not changed by the due date. This has reduced the time spent on payment monitoring and subscription management. And built-in data analytics allows the agency to quickly and conveniently see the big picture of the whole business performance.
Products used
Invoicing
Dunning
Auto-Payments
Multiple Gateways
Customer Portal
Regions
South Africa
Europe
United States
Global Growth
Results
By entrusting Rainex with all its payment management and control tasks, reducing time spent on routine operations and repetitive reminders, Growth Strategy focused on attracting new customers and completing projects. This increased monthly profits, improved their service delivery and reduced customer churn.
Bruce Martin
Growth Strategy
Rainex stands head and shoulder above their competition with the most amazing support you’ve ever seen and a solid, stable production ready app.
Some huge pro’s:
– Fantastic UX
– Easy auto-collection
– Multi-currency support
– Seamless Payment Processor Integration
– Zero-Code implementation for complex payment schedules
– Robust API
– Near-instant technical support with their devs(if you need it)
Some cons:
– They live too far away to share an actual real-life taco with.
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Videos
In this brief demo video, learn how to unify your payments, billing, and revenue management to streamline subscriptions and capture more revenue.
