169: Failed Payments? How to Recover Revenue Without Losing Customers
Sep 26, 2024
I think that you're likely really going to like today's topic – all about keeping the money that you have already made! Listen in as I examine an issue that every online business owner faces at some point: failed payments. If you run an online business, offer a product, or have a subscription-based model, failed payments can mean losing revenue that you have already earned, and nobody wants that, right? What if I told you, though, that there is a way to recover those payments and keep more of your hard-earned money?
I walk you through our tried-and-true process at Team Bonnie for recovering failed payments, which has brought us an 88% recovery rate - much higher than the industry average of 49%! I share why we brought our payment recovery back in-house after outsourcing it as well as the steps that we follow to not only recover payments but also treat every customer with kindness, tact, and empathy!
You’ll hear about the tools and strategies we use, like Stripe’s built-in features and Churn Buster (which we love!), and how our approach to communication makes it easy for customers to get back on track. I also break down the difference between involuntary and voluntary churn, and how addressing each requires a unique touch.
If you’re struggling with failed payments or looking to tighten up your payment recovery process, this episode is packed with actionable tips. I also, of course, remind you: it’s not just about the numbers; it’s about treating your customers like individuals and creating systems that serve them and your business well!
We treat every customer as the individual they are.
Discussed in this episode:
- How to recover failed payments, a common issue for online businesses and subscriptions
- Strategies to boost your recovery rate from an industry average of 49% to 88%!
- Tips on crafting empathetic and actionable email sequences to handle failed payments
- The importance of making cancellation and pause options easy to improve customer retention
- How to use exit surveys and AI tools to gather feedback and enhance your business practices
Resources & Links:
FOLLOW, RATE, OR REVIEW!
Review of the week:
BONNIE IS THE BEST!
I love hearing what Bonnie has to say, especially in her podcasts! Even though I’m a veteran in the design industry I learn so many new things from her. And she is so encouraging. When I feel discouraged, I listen to one of her podcasts and instantly feel energized and hopeful. She is so easy to listen to. I took her Immersion class last year and got tons out of it. In all the things she takes on, she does it with thoughtfulness, intention, and excellence. Go Bonnie!
— Rising-17
READ THE TRANSCRIPT
Quick Disclosure: This post may include some affiliate links which means that if you click the link to purchase something on this page, it won't cost you more but I may receive a commission for sharing this with you. Which is great, because I was going to share it with you anyway!
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