What is Completion Rate?
Completion rate is the percentage of people who checkout with the payment plan option, and complete all of their payments.
(Completed Payment Plans) / (Total Payment Plans Started) = Completion Rate
If 10 people checkout with a payment plan option, and 1 of those people's credit card fails and they never update it, leaving an unpaid balance. The completion rate of that Payment Plan would be 90%, because 9/10 people completed the payment plan.
What it means:
Your completion rate is a health indicator of your accounts receivables. You want to have as high of a completion rate as possible. A high completion rate means that your customers are completing their payments.
What to change:
If your completion rate is low, be sure that your Billing Automation events are setup, and that you have setup automated follow up email to prevent, and recoup, failed payments. Be sure to include the link to your Customer Portal in these follow up emails, so customers can update their card information easily.
As always, never hesitate to reach out with questions big or small. We're always here to help. Email us at Support@Spiffy.co.