Improve success rates with smarter collections

From subscription-based entertainment services to BNPL, insurance payments, mobile data, and more, demand for flexible, recurring payments is growing. For example, in South Africa, BNPL is projected to grow by 16.8% annually, reaching US$1.07 billion by the end of the year. This means there’s a greater need than ever for providers that can enable reliable, consistent collections. 

Industries such as healthcare and insurance face particular pressure to secure successful collections so they can ensure service continuity and avoid impacting a customer’s quality of life. For customers, staying current on these payments helps avoid penalties or disruptions to essential services. Methods like debit order and DebiCheck offer convenient ways to set up a recurring debit mandate. But what happens if a payment fails, or a customer chooses to make a payment off-cycle? 

It's about how you collect

How funds are collected impacts success rates, customer satisfaction, and cash flow. Stitch works with enterprise merchants to boost collection success rates by offering multiple ways to collect money, including a streamlined sign-up process that uses pre-built flows to validate and authenticate the instruction. 

Stitch offers merchants the ability to collect recurring payments via a variety of methods, including:

Debit Orders are a cost-effective way of collecting payments. To be successful, they rely on the business to keep a record of the agreement or mandate and involve the payer’s bank only when the collection has been processed. The method can lead to disputes if a customer does not recognise the transaction, and it places the onus on the business to evidence the mandate that authorised the collection. 

DebiCheck includes the payer’s bank in the authorisation process. When a DebiCheck collection is initiated, the bank prompts the customer to review and accept the mandate terms. When accepted, the bank records the response, which authorises subsequent collections from the account. DebiCheck is an industry-led solution that protects consumers from fraud while helping businesses reduce disputes and reversals. 

Card: recurring debits can be set up on a customer’s card using tokenisation to enable headless payments without the user present. These automated, pre-scheduled transactions reduce instances of late payments and improve customer satisfaction, as customers can easily manage, renew, or cancel their subscriptions at any time. Stitch can also automatically update lost or expired cards to ensure uninterrupted payments. 

Challenges faced across use cases  

Collections businesses need fallback methods to ensure the best possible collection rates and reduce incidents of payment failure. 

If a DebiCheck payment fails, for example, Stitch can leverage smart routing to fall back on other methods, like tokenised card payments or Pay by bank. This approach boosts recovery rates and secures more reliable collections by offering an alternative route to payment.

How businesses across industries rely on collections

Stitch works with each enterprise client to craft custom solutions that meet their specific use case.  We enable streamlined, seamless collections with tailored, flexible payment options that meet industry demands head-on. Collect without limitations using Debit Orders, DebiCheck, card and smart fallback solutions that increase recovery rates and improve customer retention.