This is how you can deal with failed payments in your membership

There’s noe way around it. It WILL happen! BUT there are ways you can make sure it’s being dealt with without you emailing manually to each member.

You’ve launched your membership and the first recurring payments are trickling in…

But…suddenly you see that there are couple of “Failed Payments”!

What do you do?

Do you freak out in panic OR do you keep calm and think to yourself that there’s a perfectly logic explanation to it all?

Most will probably freak out, so you’re in good company.

But I’m here to tell you to keep calm. Because there is actually a perfectly good explanation to it.

Failed payments

When you check with Stripe you can hover over the failed  text there and see why the payment failed. In most cases it’s due to “insufficient funds”, meaning that the person don’t have enough money on their credit card for the transaction.

Great, now we know why!

And luckily there are a few things built into Stripe already to help with collecting the money.

If you go to [BILLING] and the click on [SETTINGS] in Stripe you can see that there are a few options that will remind your members about their failed payment.

First of all Stripe will continue to retry to charge the credit card 4 times. You get to decide in what periode of time. 1 week, 2 weeks, 3 weeks or 1 month. And then what you want to happen if it still fails. Normally you want to cancel the membership.

As for emails you can see Stripe can send emails for you to remind them about the next payment, if the payment fails and if their card is about to expire.

You can’t customize these emails, but it will definitely help you get successful payments.

 

Use your membership platform too

I know that with Memberpress you can setup a quite a few emails which you CAN customize. And I’m pretty sure that more membership platforms has this ability as well. So make sure you set these up!

Whether you use Stripe/Memberpress or not, follow these steps

This is what needs to happen at a minimum:

  • The payment fails
  • An email goes out to you and your member explaining that the payment failed
  • The payment is automatically retried after a few days
  • If the payment still fails after 4 times, their membership is cancelled

All of this should go automatically, so no need to worry. You could also set up a few emails in your ESP (Email Marketing Platform) to help remind them beyond what your membership platform or Stripe does. If there’s no direct integration, you can have a look at Zapier to see if they have a way to connect it all together.

In many cases your member will most likely reach out via email and explaining why or maybe canceling their membership.

If you don’t hear from them and the membership is cancelled, it’s a really good idea to follow up with them to find out if they were unhappy with the membership, or if they had some problems paying, just to make sure.

In the case with Memberpress (which is connected to ConvertKit in my clients case) they will be tagged with “Inactive | Membership X” when they are no longer a member, and that could work as the trigger to start a short email sequence in ConvertKit.

As you can see, it doesn’t require a lot to get rid of some headache and it’s all automated.

Got any questions?

Sure you do! And I would love to help you, so here’s what I want you to do.

Click on the button below and ask to join our awesome community over on Facebook. 

Can’t wait to hear from you!

Set up your sequence with ConvertKit!

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