How to Recover Failed Payments Automatically to Turn Losses into Profits
If you sell products online, you're likely losing a fortune from failed transactions you don't even know about.
On average, 20% of attempted purchases fail due to technical errors.
What if you could automate recovery of these failed payments to turn losses into instant profits?
In this article, I'll reveal how a simple failed payment automation helped me instantly boost revenue by over 30%.
Then I'll explain how to set this up in 3 easy steps to recover failed payments on autopilot.
Here's what I'll cover:
- Why up to 20% of your attempted sales are failing silently
- How to automate failed payment recovery to drive profits
- The 3 critical components of a failed payment sequence
- Exactly how much revenue you are losing without knowing it
- How this one change resulted in over 30% revenue increase
- Why it also saves you money on customer support
- How automating failure recovery transforms your bottom line
The Failed Payments Problem No One Discusses
Here's a reality most businesses don't want to acknowledge – a significant portion of your attempted purchases fail and get lost in the ether.
This could be due to errors like expired payment methods, breeched credit limits, or technical glitches.
Studies show anywhere from 10-20% of transactions attempted by motivated customers hit a wall and fail out.
You have no system in place to recover these.
Just imagine how much additional revenue you could generate if you automated rescuing these failures by guiding customers to reattempt purchase.
For most businesses, it translates to an instant 10-30% revenue boost.
Automate and Recover Failed Payments in 3 Simple Steps
Here are the 3 critical components needed to automate failed payment recovery:
- Track failed payments in analytics to quantify missed revenue.
- Send automated email reminders to retry purchase with new method.
- Provide direct link for easy re-purchase with one click.
Now instead of ignoring failures, you have a system to reactivate and capture lost income automatically.
It Also Saves You Money and Aggravation
Beyond boosting revenue, failed payment automation also prevents customer frustration.
Imagine trying to purchase but hitting an error.
Now the buyer wonders if you erroneously charged their card.
They may panic and dispute the charges, contact support angry, and leave bad reviews assuming you're a fraud.
The failure ruins the relationship before it even starts.
But automated recovery reassures the customer, reduces disputes and complaints, and preserves the transaction.
How Much Lost Income Are You Leaving On The Table?
Let's look at a quick example:
- 1000 sales attempted per month
- 20% fail = 200 failed transactions
- Your product price is $500
- 200 failed x $500 product = $100,000 in lost revenue
Just by recovering 25% of those fails, you generate an extra $25,000 in pure profit!
Are you ready to start unlocking all that untapped revenue?
Turn Failure Into Growth With One Tweak
Hopefully by now the immense revenue potential sitting dormant in your failed payments is clear.
Stop losing income over temporary hiccups and turn failures into growth!
Implementing automated recovery takes this untapped profit stream and puts it on autopilot.
Let's chat about getting this mutually beneficial system up and running in your business.
Key Takeaways: Recover Failed Payments
- 10-20% of your attempted sales fail due to technical errors
- Automate failed payment recovery via email reminder sequences
- Track failures in analytics to quantify missed revenue opportunity
- Reassure customers, reduce disputes, and preserve transactions
- This one tweak can increase revenue instantly by 10-30%
- Calculate how much you are losing to see the impact
- Turn failure into growth with automated payment recovery
Let's connect to turn your failed payments into profits!
Whenever you're ready, there are 3 ways I can help you: