💥 New Releases: Multiple Membership Renewal Retries & Electronic Signatures for Contracts
Tired of trying to keep on top of failed payments? Now you can enable renewal retries for membership renewals. We've also released electronic signature membership contract agreements!
Hey everyone! We have two impactful updates for you today that help you maintain revenue flows for your business, and reduce your manual efforts spent doing so.
1. Multiple Retries for Failed Membership Payments:
Gone are the days of struggling to keep track of membership cancellations due to payment failures. We get it - your customers have busy lives. Sometimes, they need more than one reminder before they take the time to update an old card on file. It’s important to stay on top of these (likely unintentional) payment failures, as they can lead to forced membership cancellations, causing you to lose customers and revenue.
We understand how it can be challenging to keep track of payment failures when you’re juggling 100 things, which is why we launched the ability to Enable renewal retries for membership renewals! This new setting in your General set-up allows you to set up three automatic re-run attempts, with customizable delays, so you don’t have to worry about missing a failed payment or losing a customer without them even knowing. A win-win for both you and your customers 😎.
To turn this on for your account go to Settings > General set-up > Enable renewal retries.
2. Unique Contracts per Membership (with Electronic Signatures!)
Sticking to the theme of keeping on top of payments, we are thrilled to launch Contract Agreements with electronic signatures for memberships! We know that many of you offer memberships with special pricing, as long as the customer agrees to a specific contract, locking them in for a certain number of renewals. This is of course beneficial as a selling tactic and helpful for your confidence in revenue projections for the upcoming months.
With the Contract agreements feature, you now have the ability to attach a customized agreement for any of your memberships, so that your customers are required to accept the terms of the contract as they purchase. This ensures that your customers are aware and aligned with what they’re signing up for, so there will be fewer questions or challenges if they try to cancel early. Each contract is digitally signed, and customers are emailed a copy of their signed contract. You can also retrieve their signed contract from their profile at any time.
Set up a Contract agreement by opening up any Auto-renewing membership > toggle ON Attach contract agreement.
In addition to the Contract agreements, a clear failed payment tracking system is now available within a customer’s profile. Now, if a customer misses a payment while within the minimum requirement of a contract, a red banner notification will highlight that they have missed payment(s) and show you the total dollar amount owed. You can easily click to see failed payments right from the banner, which will outline all of the missed payments, and give you the option to forgive (aka delete the missed payments) if you’d like. You can also select go to renewals to retry the payment(s) that failed or schedule them for a future date.
Want to learn more about this and other great Momence features? Check out our FAQ page or book a demo today.
Already a Momence user and want to know more?
💜,
The Momence Team