One big frustration that we as business owners face is failed payments. You know what I’m talking about, you create a program, offer a 4-pay payment option and on month 2, you get a failed payment notification from one of your customers.
There are lots of reasons for a failed payment: someone may have changed their credit card, their credit card may have expired, bank issues, payment processor issues, etc. No matter the reason, it’s frustrating.
Statistics show that, on average, 10% of all Business-to-Business (B2B) and Business-to-Consumer (B2C) recurring payments fail. And it’s especially bad for those who sell information products, online training, and physical products that are shipped as 12-17% have recurring payment failures. You aren’t just losing money for that one month – failed payments are a compounding issue. You are losing money month after month. And one more statistic – 90+% of customers usually don’t come back. Over time, you are losing a lot more than you think. Looking at those stats, it’s a very real problem that we all deal with and you need to have a plan.
In this short video, I give you 3 tips that you should be implementing in your business to make sure you get paid!
The freebie for this Sunday is EXACTLY WHAT YOU NEED TO create your own process for handling declined payments.
Grab the downloadable SOP process sheet for handling declined payments – it’s one of my favorite processes from the SOP Templates and Process Library Kit.
You could always turn over this part of your business to a collection agency or a business that specializes in payment recovery, I know that Pat Flynn and Amy Porterfield both use Casey Graham’s company, Gravy Solutions. One final stat: 70% of payment recovery requires manual efforts, so if you are losing lots of money each month, give them a call.
Want a shortcut in setting things up? Check out my Financial and Payment Systems Growth and Profit Plan for sale in my shop at 30% off for this month only!
With this complete Financial & Payment Systems Growth & Profit Plan, you’ll get:
- Simple bookkeeping systems for the solopreneur
- Sample chart of accounts
- Templates for collections, failed payments, renewals, and more
What do you have in place for your collection system? Do you call people or use text? Tell me 🙂