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Internet
merchants know the problem all too well. You get a customer signed
up for recurring credit card payments for your subscription site,
but when the expiration date changes for their card, you can’t bill
them anymore. Although “guessing the new expiration date” may work
sometimes, it could also get you into trouble with the credit card
companies if you violate their regulations.
Paul Larsen
specializes in bringing solutions to merchants for common credit
card problems like the one mentioned above – and even more
complicated ones as well.
And
according to him, there are two main reasons cards are declined –
missed payments and over-the-limit spending. While the accounts may
still be good, it will probably take a thoughtful and strategic
approach in order to recover those declines. And in this audio,
you’ll hear how to do it, the right way.
You’ll Also Hear…
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Why “contacting the
customer” when there are problems only works about 10% of the time
and what to do instead
·
How to understand
the coding for declined credit cards
and design a recovery strategy
that works for each
·
The two different
types of mistakes companies make when processing credit cards –
error of omission and error of commission – and how to avoid making
them
·
The programs Visa
and MasterCard have put into place for updated account numbers and
expiration dates
·
How many days you
should wait before retrying a card
·
Why asking for a
second card on a customer application may not be a good idea – and
some strategies that work
·
Why you should never
go blindly into affiliate
marketing without knowledge of credit card fraud – and simple steps
to protect yourself
Paul says he
tries to help merchants deploy comprehensive decline-recovery
tactics that work for their particular needs. And with 80 million
credit cards shut down in 2009 alone, every marketplace is feeling
the hit, so every transaction needs to count. And in this audio,
you’ll hear how to make that happen for you.
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