Almost every business owner can explain how much money they have coming in, but how many can pinpoint how much they're losing to involuntary churn and failed payments?

In America, customer churn costs businesses $136 billion per year. On top of that, 34% of that figure stems from involuntary churn and failed payments. Still, it remains unclear how much failed payments cost businesses.

To be more specific, more than 2 in 3 businesses lose 17% or more of their subscription profits due to churn. Why? Perhaps the consumer's insufficient funds. Lack of adequate resources account for 53% of involuntary churn cases. On top of that, involuntary churn is the #1 cause of payment failure.

The key to solving lost income due to involuntary churn? Improving customer retention. Customer loyalty seems to be the forgotten funnel in customer service and business relations. Still, 65% of a company's business comes from existing customers. However, customers are not afraid to leave a business after a bad interaction. Today, 32% of people will stop doing business with a brand following just one bad experience.

All in all, customer loyalty boosts profits. The most legendary companies make money by tending to their clientele. With that, business leaders may find success in reducing failed payments and card declines after restrategizing their consumer-relation methods. When is the last time you considered the needs of your customers?