169: Failed Payments? How to Recover Revenue Without Losing Customers

The Professional Creative

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!

📒 Episode Notes, Links, & Resources 📒

https://www.professionalcreative.com/blog/169

📝 Read the Transcript 📝

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