The Game with Alex Hormozi - How To Eliminate 2/3 of Your Declines in 2 Min | Ep 183

Episode Date: February 28, 2020

Tip: ask for a backup card during the signup process. Today, Alex (@AlexHormozi) talks about their social media presence and provide a tactical tip on how to eliminate two-thirds of payment declines for recurring businesses by getting backup cards from customers during the signup process.Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.Timestamps:(0:53) - Sale starts with signup process.(1:29) - Get two cards after backup card request.(1:37) - Swap card and rerun recurring members for fewer declines.(2:22) - Implement to eliminate two-thirds of declines practically overnight.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

We kind of just need a second one. It's just how we've always done it. All right. And so you use that line and just like that, you will get two cards. Welcome to the Jim Secrets podcast where you talk about how to get more customers, how to make more per customer and how to keep them longer. And the many failures and lessons that we have learned along the way. I hope you enjoy and subscribe. I have a very short, very tactical tidbit for you today.

How to eliminate two-thirds of your declines, which for most of you is going to be half of your turn or more is going to be coming from declines. payment so not necessarily cancellations but people whose cards don't go through and that you try and recover and then fail to and so in the next couple minutes I'm gonna show you exactly how to not have that happen and so as soon as you get those declines you do this process and then you can recapture two out of three of them which is pretty cool so it all starts at the sale starts at the sign-up process so after you've closed the sale and you say hey can I have your ID you write it on the top and you say hey let me treat you for whatever card you want to use you get

the credit card you write the credit card down and you say hey and so you hold the card and you're like in case your identity gets uh gets compromised or this card gets lost or you have you know identity or anything like that what card do you want to use is your backup card right now half the time they'll just hand you that they'll be like oh you can use this as my backup card right uh if they're like uh no you can just use that one that's fine you just say we kind of just need a second one it's just how we've always done it all right and so you use that line just how we've always done it after you out for the second backup card and just like that you will get two cards now if every one of your recurring members has two cards on file as soon as you have the declines you check the account

you swap the card you run them all again on the backup card and off to the races you go this works for any recurring business whatsoever uh get the backup card you can also use a ach as a backup so it's like if you want if you don't use a card um you can just use the use your bank account or whatever card your husband doesn't say ha ha ha right and so any of those things will work you should put both cards on the contracts so that you're very you're authorized to bill both of them so make sure that you have two spots where you can put it there but once you do that you're good to go and just like that if you start implementing this you can virtually overnight eliminate two thirds of your declines which for many of you'll be over half of your turn all right so

that was used for you. Thank Ed Turney, who's here for the VIP Day. That's one of the things he did to keep his churn low and he's got a stellar seven-figure plus gym and you should do that if you don't hate money.