It happens to every business owner in the home heating fuels industry. You provide stellar service to your customers and they might even leave you glowing reviews. But suddenly, out of nowhere, their credit card expires and you’re at a loss. Maybe the customer was set up on automatic payments and forget their card was about to expire, or maybe something is seriously wrong.
Whatever the case, it’s important to understand how to handle this situation without losing your customer’s business. You need to be flexible, resilient, and always prepared with a “plan B.” Here’s how:
Never assume anything
All credit cards, no matter the brand or limit, have expiration dates. The most likely scenario in this situation is that the customer didn’t realize the card expired, or they forgot to give you the information for their new credit card.
Whatever the reason, it’s crucial to call or email the customer and politely ask him or her to update their payment information as soon as possible. The sooner you take action, the better. Although usually effective after playing phone tag, calling each customer, is not an ideal exercise as it takes a lot of time and energy which would be much better spent helping you grow your business not distracting your CSRs with unnecessary busywork.
Utilize best In-class technology is ideal
Why wouldn’t you deploy tools that can save you significant time and money? A fully integrated payment platform enables optimum efficiencies in many regards, including expiring cards. That’s right, a state-of-the-art payment platform can identify and in some cases automatically update expired credit cards without having to spend unnecessary time and effort to reach out to each customer.
Always give notice
If you’ve noticed that a loyal customer’s credit card is about to expire and their service may be on the line, it’s important to give them plenty of notice. Customers are a lot more appreciative and more likely to come back if they feel valued and respected. When you call the customer to remind them of the upcoming payment, be sure to use a friendly tone and be flexible when the situation permits.
Show your customers how much you appreciate their business and the opportunity to service them
Create a loyalty program that benefits the customer directly as it will go a long way and help create customer stickiness. Offering a small strategic discount on your services could help increase non-fuel revenue and lead to additional sales.
Seek compensation when compensation is due
And last but not least, don’t put up with ghosting. If your customer changes their credit card instead of canceling with your directly, you’re entitled to financial compensation.
I’m excited to help you reach your financial goals and can teach you how to utilize payment technology to leverage your relationships with everyday customers. My team of experts can help get your business in line by reducing chargebacks and making a strategic plan for the future. Learn more by visiting my website Click here.
