Automatically RECOVER Failed Payments from Agency Clients Now (Exact AI System) — Transcript

Full transcript

1. 0:00In the last couple of years, our failed
2. 0:01payment recovery system has recovered
3. 0:03over $270,000
4. 0:05of revenue. Our recovery rate is almost
5. 0:0760%. I think yours will probably be
6. 0:09better than that, a lot better than
7. 0:10that, because a lot of that is from
8. 0:12people signing up, watching my YouTube
9. 0:13videos, signing up to ReviewHarbor
10. 0:15online, and then just canceling with
11. 0:17fake cards and stuff like that. So,
12. 0:18yours will probably be a lot higher than
13. 0:19that. Mine used to be a lot higher
14. 0:20before I started making YouTube videos.
15. 0:22But, today I'm going to go over the
16. 0:23exact failed payment recovery system
17. 0:24that we've implemented in the last
18. 0:25couple of weeks that has drastically
19. 0:27improved our failed payment recovery
20. 0:29rate, with our clients, etc. And so, if
21. 0:31you don't know who I am, my name is Clay
22. 0:32Lawrence. You can see last month, in
23. 0:33June, we did over $57,000 in recurring
24. 0:36revenue just helping local business
25. 0:37owners get Google reviews and rank
26. 0:39higher on Google. And so, the vast
27. 0:40majority of these are low-ticket
28. 0:42recurring revenue subscriptions, $100 to
29. 0:43$300, $400 a month. When you have
30. 0:46hundreds and hundreds of subscriptions,
31. 0:47stuff happens. Cards fail, you know,
32. 0:49Stripe can't process all the payments.
33. 0:50Don't believe me, you can look up
34. 0:51reviewharbor.com, you can look at our
35. 0:53case studies, whatever. This is what we
36. 0:54do, right? Failed payment recovery is
37. 0:56absolutely huge. If you're just getting
38. 0:57started, this probably isn't very
39. 0:58important. As soon as you start to get a
40. 1:00decent amount of customers paying you
41. 1:01that sticky low-ticket recurring revenue
42. 1:03that is just so juicy, it's so important
43. 1:05to figure out how you can keep that
44. 1:06revenue, especially if they're still
45. 1:07happy. And so, I'm going to go over kind
46. 1:09of our old process, what it looked like,
47. 1:11and now how we're using AI to make this
48. 1:13process 10 times better and way more
49. 1:15automated. If you scroll down here, our
50. 1:17old system here was made up of kind of
51. 1:19complicated workflows that were super
52. 1:21rigid and didn't have a lot of
53. 1:22flexibility in there because it didn't
54. 1:23have like human reasoning or AI
55. 1:25reasoning to know what to do next. So,
56. 1:27basically the structure was this. We had
57. 1:28our Zapier account integrated with
58. 1:30Stripe, right? And so, when a failed
59. 1:31payment happened in Stripe, what it we
60. 1:33would do is we would update the client's
61. 1:35payment status in HighLevel. So, we'd
62. 1:36add a tag to that client in HighLevel,
63. 1:38and we'd say, "Hey, this client's
64. 1:39payment recently failed." That in itself
65. 1:41could be complicated because we had to
66. 1:42make sure that the email in Stripe
67. 1:44matched up with the email in HighLevel.
68. 1:45There was no reasoning there, right? The
69. 1:47next thing is we'd send text messages
70. 1:48and emails every few days to try and get
71. 1:50them to update their payment method,
72. 1:51right? We'd just send them the update
73. 1:53link. And what would happen is is a
74. 1:54couple things. If they responded to the
75. 1:56workflow, and they said, "Hey, you know,
76. 1:57I'm getting a new card. My card got
77. 1:59stolen. You know, I should have a new
78. 2:00card in the mail in 7 days." If they
79. 2:02responded to that text or email, we
80. 2:04didn't want to keep following up with
81. 2:05them. So, we kind of had to turn on stop
82. 2:07on response uh because we just get
83. 2:09annoying if they texted back and said,
84. 2:10"Hey, I'm getting a new card." And then
85. 2:12every day they keep getting texts and
86. 2:13emails. Also, this is a pretty
87. 2:14vulnerable spot to be in the client
88. 2:16relationship because right now they're
89. 2:17technically not paying you, right? So,
90. 2:19we want to make sure we still leave a
91. 2:20good impression. On the other hand, we
92. 2:22had to have a whole 'nother workflow
93. 2:23over here that when a new successful
94. 2:25payment happened in Stripe, every single
95. 2:27successful payment, we had to go match
96. 2:29that and update all of our clients in
97. 2:30HighLevel to say, "Hey, their payment
98. 2:32succeeded." And then we would remove
99. 2:34them from this other workflow
100. 2:36automatically if that happened. And this
101. 2:38workflow works, and it's fine. The
102. 2:39problem is it's way too rigid. You're at
103. 2:41this point in the customer journey where
104. 2:43they're not paying you. Maybe their
105. 2:44account's on the fritz or whatever, and
106. 2:46you know, they haven't gotten the
107. 2:46results they wanted, or maybe they're
108. 2:48just, you know, lost their card. And now
109. 2:49we're constantly bugging them and
110. 2:50annoying them with these repeated
111. 2:52reminders to try and update the card.
112. 2:53So, what actually ended up happening is
113. 2:56when they would respond, we would have
114. 2:57to go set a reminder to follow up in 10
115. 2:59days or 7 days when they did get their
116. 3:01new card in the mail or whatever to
117. 3:03update it. And it was just a manual
118. 3:04headache. And then eventually we might
119. 3:06call them and say, "Hey, you know, can
120. 3:07we get this updated?" etc. But it was
121. 3:08just a very manual process. In the
122. 3:10background, if you don't know, like
123. 3:11Stripe subscriptions will just keep
124. 3:13retrying the card every couple days to
125. 3:15see if it updates. And one thing I would
126. 3:16recommend is go check out your Stripe
127. 3:18settings and make sure you have like
128. 3:19optimization turned on. I think it's
129. 3:21called payment optimization or something
130. 3:23like that. Where basically they have
131. 3:24Stripe has partnerships with the main
132. 3:26credit card companies. And if somebody's
133. 3:28card just expires and they just get a
134. 3:29new card in the mail automatically, that
135. 3:32credit card company will send Stripe the
136. 3:34new data of that credit card so they can
137. 3:35just keep the subscription rolling and
138. 3:37update it automatically. We keep trying
139. 3:39the payments, and sometimes they'd go
140. 3:40through and they wouldn't have to update
141. 3:42it. But like I said, the cons of this is
142. 3:43the clients would respond, and we'd
143. 3:44still have to manually follow up.
144. 3:45Clients would get annoyed cuz they'd
145. 3:47already messaged us, and we kept trying
146. 3:48their payments in Stripe or whatever it
147. 3:49was. And there was no multi-channel
148. 3:51context. This is so important and it
149. 3:53sounds a little bit nerdy, but what that
150. 3:55means is like, let's say for example, a
151. 3:56client emails me or my wife or somebody
152. 3:58on our team directly and says, "Hey, I
153. 4:00saw that text about the card being
154. 4:02updated. We'll get to it eventually."
155. 4:04HighLevel has no context on that, right?
156. 4:05This workflow that we built out has no
157. 4:07context. And so, it just keeps messaging
158. 4:09them. It's not able to check the Zoom
159. 4:10calls or check the phone calls we've had
160. 4:12with them or check other channels to see
161. 4:14where they've already kind of handled
162. 4:15it, right? And so, all the messages were
163. 4:18generic give us money vibes. You know,
164. 4:20it's just like the same message over and
165. 4:21over again. And a lot of times, some of
166. 4:22these businesses were repeat offenders.
167. 4:24So, every couple months their card was
168. 4:26failing. And so, they got the same
169. 4:28messages over and over again. It's just
170. 4:29kind of annoying, right? And so, the new
171. 4:31workflow, we've kind of incorporated
172. 4:33this tool I've talked about before on
173. 4:34the channel, which is Victor. Victor is
174. 4:36like an AI agent that plugs into your
175. 4:37Slack. And what you can do with Victor
176. 4:39is you can connect it to all your tools.
177. 4:41So, you can see Victor is connected to
178. 4:43our Intercom support processes. It's
179. 4:45connected to Stripe. It's connected to
180. 4:46our Gmail accounts. It's connected to
181. 4:48our HighLevel accounts, our HighLevel
182. 4:49Summit accounts. Connected to all these
183. 4:51different places where it can get more
184. 4:53context to know whether we should
185. 4:54message them or not. And so, the new
186. 4:56workflow is easier to set up and it's
187. 4:58more effective. Like literally, at the
188. 4:59end of this video, you could probably
189. 5:00take the transcript, if you go to the
190. 5:01description and grab the transcript, you
191. 5:03could probably take the transcript of
192. 5:04this video, give it to Victor or give it
193. 5:06to your AI tool, and then you will be
194. 5:08able to just set it up. You can just
195. 5:10reason with it, go back and forth, and
196. 5:11this will just be set up in the
197. 5:12background. And so, Victor, our Slack AI
198. 5:14agent, we just have a failed payments
199. 5:16channel, and every day it runs a daily
200. 5:18check through both our Stripe accounts
201. 5:19to check for failed payments, right?
202. 5:21Check for failed payments today,
203. 5:22yesterday, and any recurring ones that
204. 5:24have been going on the last couple
205. 5:25weeks. From there, what Victor does
206. 5:26before it messages or do does anything,
207. 5:29it goes and checks all of our channels
208. 5:31for context, right? So, it checks my
209. 5:32email, Carly's email, who she does a lot
210. 5:34of our support. It checks our support
211. 5:36email. It checks our text messages
212. 5:38through HighLevel. It checks our phone
213. 5:39call recordings. It checks our Zoom
214. 5:41recordings through Fathom. It checks our
215. 5:42Intercom support channel. It checks all
216. 5:44of those places to see, "Hey, has this
217. 5:47client already let us know that they're
218. 5:48working on it, right?" And if they've
219. 5:50already messaged us yet, then we just
220. 5:51can respond politely and say, "You
221. 5:53awesome, no worries, looking forward to
222. 5:54it." And then create a reminder based
223. 5:57off of what they said to then continue
224. 5:59to follow up, right? So, then it kind of
225. 6:01puts them back into the follow-up
226. 6:02process here. But, if they haven't
227. 6:04messaged us yet, it'll send a very,
228. 6:06very, very personalized text and email
229. 6:08through directly through HighLevel.
230. 6:10It'll grab results from their account.
231. 6:12And so, we have a back-end database, but
232. 6:14you can just connect Victor to all your
233. 6:16client sub-accounts so it can have the
234. 6:17data as to how many reviews they've
235. 6:18gotten, what, you know, if you're
236. 6:20providing leads, how many leads have you
237. 6:21gotten them, all that sort of stuff. And
238. 6:22these messages are super personalized.
239. 6:24You can see like it says, "Hey, their
240. 6:25name, quick heads-up, review us payment
241. 6:27for their business name, uh didn't it go
242. 6:28through? We've gotten you 78 reviews.
243. 6:30We'd hate to see that stop. Probably
244. 6:32just a card thing. Feel free to update
245. 6:34it here." And then it sends the update
246. 6:35card link, right? This is a real one
247. 6:37that was sent out today. And so, from
248. 6:40there, if there's still no luck, we
249. 6:41still keep sending them personalized
250. 6:43reminders up to 7 days when the very
251. 6:45last thing it does is add a human in the
252. 6:47loop and say, "Hey, maybe you should
253. 6:48give this person a call." And so, that's
254. 6:49the very last thing. It'll just notify
255. 6:51us in that failed payments channel. It
256. 6:53makes it so much easier. And as you can
257. 6:55see from this graphic, these are real
258. 6:56numbers that we pulled from our Stripe
259. 6:57accounts. This has saved over $272,000
260. 7:01of revenue for us in the past couple
261. 7:03years. And if that seems high, well,
262. 7:05well, think about it this way. If
263. 7:06somebody's paying you $279 a month and
264. 7:07their card doesn't go through, if you're
265. 7:08able to get their card to go through
266. 7:10again and they stay with you for another
267. 7:11year, that's not $279 that you saved for
268. 7:14that 1 month, thousands and thousands of
269. 7:16dollars that you saved across the
270. 7:17lifetime value of the customer. And so,
271. 7:19it's super important, but the business
272. 7:21model we run, which is low ticket
273. 7:22recurring revenue, it can become an
274. 7:24absolute headache. And so, literally, if
275. 7:26you take a screenshot of what this looks
276. 7:29like, put the transcript into your AI
277. 7:31tool, whatever you want to use. If you
278. 7:32want to use Victor, Victor's link will
279. 7:34be down below in the description, and
280. 7:35you can use that. Plugs directly into
281. 7:36Stripe, HighLevel, your Slack, all of
282. 7:38the things that you need to plug into.
283. 7:40And now, it's just a much more personal
284. 7:41vibe, right? We're not annoying our
285. 7:43customers anymore because we're not
286. 7:44sending them messages that they've
287. 7:45already messaged us. It's more dynamic
288. 7:47and less rigid than the workflows. The
289. 7:49main reason you want to use AI in
290. 7:51certain workflows is when you need very
291. 7:52specific if this then that like human
292. 7:55reasoning almost to figure out what the
293. 7:56right next action is. And so this kind
294. 7:59of takes that off our plate and now we
295. 8:00don't have to ever worry about
296. 8:01scheduling any sort of reminders. The
297. 8:03only thing we might have to do is that
298. 8:04if we haven't got it in 7 or 10 days,
299. 8:06it'll send us a reminder saying, "Hey,
300. 8:08this person might need a phone call."
301. 8:10And that's all we have to do. Other than
302. 8:11that, it's taking care of it. And so
303. 8:13it's just this loop that it keeps going
304. 8:14through making sure we can try this
305. 8:16payment. And Stripe's still trying it in
306. 8:18the background obviously, but a lot of
307. 8:19times you might have to update that
308. 8:20card. And so this is our failed payment
309. 8:22recovery. I know it seems kind of like a
310. 8:24boring subject, but it's super duper
311. 8:26important as you grow as you scale to
312. 8:28you know recover these payments from
313. 8:30clients that are already paying you. I
314. 8:31do this sometimes when like if we're at
315. 8:33a certain revenue mark for the month,
316. 8:34I'll go through all our failed payments
317. 8:36and like try to retry them cuz it's like
318. 8:37the easiest money that you can get if
319. 8:39you want to get to that next payment
320. 8:40mark because it's pretty much the
321. 8:41easiest money you can get. You're
322. 8:42already providing value. They already
323. 8:44said they trusted you enough to pay you
324. 8:45once or get put the card on file at
325. 8:46least. So this has been really helpful
326. 8:48for us at Review Harvest. Just want to
327. 8:49share it. If you enjoyed this video,
328. 8:50feel free to sign up with any links down
329. 8:52below in the description. That'll
330. 8:53support the channel. I'll keep making
331. 8:54videos like this. And also if you sign
332. 8:56up with my link to HighLevel down below,
333. 8:57you'll get an extended trial. You'll get
334. 8:58a link where you can copy and paste all
335. 9:00my automations, all my stuff directly
336. 9:01into your HighLevel account and learn
337. 9:03about how I built this business to over
338. 9:05$55,000 a month in recurring revenue. So
339. 9:07if you like this one, check out the next
340. 9:08one here.