Management of unpaid invoices
This article is intended for the following people:
Insurance / Banks Brokers / Distributors Sellers
For more information on roles on Plug, please see this article.
Smart Retry
For unpaid credit card payments, Stripe has a feature called "Smart Retry". This is a machine learning based algorithm that chooses the optimal time to retry failed payment attempts to increase the chances of a successful bill payment. If you would like to know more about this topic, you can visit this Stripe article.
For SEPA direct debits, Smart Retry is not enabled as this would incur bank charges for the merchant in the event of a failure to retrieve the funds.
Banking information update email
In addition to the Smart Retry, an email will be sent to the customer so that they can update their bank details. In this email, a link will redirect them to the Stripe platform to provide their new information.