Failed payments are a pain. They stop you from growth, they stop you from moving forward with your next course offerings. The passive income you were aiming for with your courses is suddenly no longer passive because you’re actually putting in more work chasing payments.
In this podcast, I had a great interview with Stunning founder Richard Felix. We talk about ways you can reduce failed payments. A lot of these are unintentional. Your students aren’t being delinquents. The payments might be failing due to circumstances outside their control, like bank fraud protection, expired cards, and so on.
Good news: You can manage this process, reduce the risk of failed payments, and see more money coming into your bank accounts with tools like Stunning.
Automate your payment reminders
You have payment plans, you have memberships. The last thing you need is to be in the middle of charging your students, trying to keep track of things in spreadsheets or emails. That’s just a huge headache. And that’s not counting the failed payments, which happen 20% to 40% of the time, depending on the type of business, the users, the banks, the cards used.
Whatever the case, Stunning gets notified by Stripe about a failed payment, and Stunning reaches out to your customers via push notifications (integrated with Thinkific), SMS, and dunning emails.
A dunning email is basically a dunning letter. To dun means to demand payment. It’s that simple. And user-friendly! Because Stunning sends an email with a link your students can click. It goes to a payment page where they can easily update their billing information without any required logins.
Stunning supports face ID, fingerprint authorization. If their card information is stored in their phone, this billing/payment update can be done in seconds.
Stunning also monitors email send rates and bounce rates, so that if your email doesn’t make it to your student and the failed payments continue, you’d be prompted to reach out to them.
You want to implement failed payment management immediately
Once it’s in place, it’s like an insurance policy.
Stunning actually has a plan where you can start for $0, and you can do something for as long as you need, and you won’t be charged until you start recovering revenue. As Richard Felix says in this podcast, they know, “how important it is to get a handle on as soon as possible.”
Failed payments can seem like a small issue at first, but it’s an insidious problem that over time, becomes a huge stumbling block for the growth of your course as a business.