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CASE STUDY How The Jewellery Channel manages missed instalment payments

The Jewellery Channel: how to manage missed payments to help drive growth

The Jewellery Channel  (TJC) is a British auction shopping channel and online retailer specialising in jewellery, gemstones and other luxury/ lifestyle products, that broadcasts for 24 hours a day.

Its business model relies on telesales and ecommerce, on both desktop and mobile. 

Like all online retailers, TJC has seen a good jump in the number of shoppers using its service and to make it even easier to shop – and to therefore drive growth – TJC relies on its BudgetPay service that allows consumers to buy jewellery with interest free credit.

The service, increasingly popular with all kinds of online retailers, allows the consumers to pay for a product in up to five monthly instalments, the first of which is taken on the day of purchase when the product is sent to the customer. The remaining payments are taken automatically from the same card every month.

But as many retailers that have brought in staged payments, there is one nagging problem: what happens when any of the subsequent payments fail?

Enter Vindicia. Vindicia’s billing technology, powered by big data, can identify why a payment has failed and can automatically try different methods to ensure that the full payment is completed with minimal disruption to the customer. Vindicia receives up to 55 different error codes from banks that decline the payments – and understand the means and methods to overcome these problems.  

Vindicia partners with Paysafe, which accepts and processes payments from a wide range of different providers. To date Vindicia’s collaboration with Paysafe and TJC has been able to recoup around 35% of TJC’s total lost revenue.

And it has been a great success and helped drive TJC’s growth. “Around 40% of our sales are on an instalment basis and are roughly four instalments on average.,” explains Nitin Panwad, Head of Finance at TJC. “Before using Vindicia, 2% of total credit due was failing (after multiple trial) and after using Vindicia this 2% is reduced to 1.3% and we’re expecting it to reduce further as we continue to learn.” 

The other area for growth Panwad says is mobile. ““We have our own TJC Mobile app and also recently launched our iPad/tablet app to attract more customers. Mobile contributes substantially to our business, and yes, it is growing. The nature of our business demands agility and our team is very good at adapting with the changing environment. Yes, the COVID-19 situation also required adaptation and we were able to adapt very well.” 

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