The Game with Alex Hormozi How To Eliminate 2/3 of Your Declines in 2 Min | Ep 183
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Feb 28, 2020 Discover how to reduce payment declines dramatically by simply asking for a backup card during customer signups. Learn practical strategies that can help minimize customer churn, especially in recurring business models like gyms. The discussion dives into actionable tips aimed at improving your sales process and keeping your clients happy. Tune in for insights on maximizing profits and ensuring smoother transactions.
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Reduce Declines with Backup Cards
- Ask for a backup card during the signup process to reduce declines.
- This simple step can eliminate two-thirds of payment declines, which often cause churn.
Normalize Backup Card Requests
- Normalize asking for a backup card by saying it's standard procedure.
- If customers hesitate, say, "We kind of just need a second one; it's how we've always done it."
Offer ACH as Backup
- Offer ACH as a backup payment option for customers who don't have another card.
- Include both payment methods on the contract to authorize billing for either.