EP 47: Payment Defaults and What to do About Them

Becoming Unapologetic

Ever wondered why some business owners tack on extra fees for payment plans? Well, it turns out there's a method to the madness. On average, a whopping 30% of folks who opt for payment plans never quite finish paying them off. Wild, right?
Here are three main takeaways to keep in mind when overcoming failed payments:
1. Mindset Matters: First things first, mindset is key. I'm a big believer in assuming the best, so I always approach clients with the expectation that they're eager and willing to pay. And you know what? This positive mindset has kept my payment default rate at a cool less than 10%, crushing that industry average.
2. Friendly & Positive Communication: How you talk to your clients about those missed payments can make all the difference. I've found that maintaining a friendly and positive tone in my emails—assuming that the hiccup is just a small bump in the road—tends to yield better responses and smoother resolutions.
3. Automated Recovery Process: Let's talk tactics. I spilled the beans on my go-to script for reaching out to clients about those pesky missed payments. It's personal yet automated, offering up reasons for the slip-up, a handy link to update payment deets, and even an offer to lend a hand further if needed. And you know what? This approach has worked wonders in patching things up and getting those payments back on track.
Listen to the episode to hear my go-to script and learn more about how you can manage failed payments.
💰 Get the Cash Flow Tracker & Launch Calculators for just $1

• Join my free Facebook Group
• Connect with me on Instagram