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#510: Follow This Simple Payment Recovery Process To Boost Your Revenue

October 27, 2022

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Start reaping the financial benefits of recovered payments

There are a few things every business owner should do in the 4th quarter of the fiscal year.

For starters, it’s important to wrap up all the loose ends in your business, so when it comes time to prepare taxes and get organized for next year, it’s smooth sailing. 

You also want to make sure that you’re closing out the year with the maximum amount of revenue possible — and one way to do this is by recovering failed payments from customers. 

I know, I know. This sounds about as fun as watching paint dry. But I promise, it isn’t as overwhelming as you might think, especially when you have a system in place. Plus, it’s really nice to have that little boost of cash at the end of the year. 

So if you’re wondering how to go about doing this, you’re in luck sweet friend, because in this episode I walk you through the process I use for recovering failed payments from my customers. 

You’ll also learn how to do it in a way that feels compassionate and personal — because let’s be real, I think we’ve all had a credit card expire and forgotten to update it.

This episode is packed with information, so open up that Google doc and get ready to take some notes!

Here’s a glance at this episode…

  • [07:54] If you're selling a digital course and you don't have a payment plan, then you're leaving money on the table.
  • [08:24] Utilize tools like HubSpot, SamCart, PayPal, Stripe, and other payment gateways that can help you with bill payments.
  • [09:17] Many payment processors have settings for failed payments, and can also let you know when a credit card is about to expire.
  • [12:44] Identify the payment options that make the most sense for your business. 
  • [14:37] We have automated emails that go out to students that need to make a payment. We typically have to send 3 to 5 emails in order to see results.
  • [15:42] Set a goal for how much of your payments you want to recover. Our goal is 80% monthly.  
  • [17:49] Create 3 to 5 emails that notify your customer that their payment has failed, and send them over a span of 1 to 2 weeks. 
  • [18:56] Send the first email out as soon as the system recognizes a failed payment, and the rest shortly after. Have each subject line become a little more urgent.
  • [19:34] Be compassionate and personable when dealing with finances. Being lighthearted allows your customer to put their guard down.
  • [21:40] Include a direct link for people to update their payment details. Let them know that they can also reach out to the billing team to arrange a payment plan. 
  • [22:15] After 7 to 15 days of non-payment, you'll need to set up something that either restricts access or continues to allow access.
  • [23:24] If a one-time payment fails during a launch, designate a team member to reach out to the customer quickly. You need to address it while they're still excited and engaged.
  • [27:48] We use Gravy for payment recovery. They’re great for businesses that have revenue of $250,000 or more.

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