If you sell products online, you’re bound to get a few declined credit card transactions just because of safeguards that are in place to protect your business from fraud.

But there’s lots of opportunity to pump up your bank account with those declined transactions if you just take one extra step. Here’s what I do.

When a declined transaction comes through my shopping cart system, I immediately pick up the phone and call the person who placed the order. (They’re normally surprised to be hearing from a human being, so expect that.)

I identify myself and the reason for my call. Then I ask if they’re still interested in the product. I’ve never had anyone say no. So I apologize, proceed to obtain the correct information and process the order. (And I spend a little “chit chat” time developing a quick relationship.)

Most times what has happened is they’ve entered credit card information for their business and a home address or vice versa. If you process many online orders, you know that the software is smart enough to detect that. Most order forms aren’t intuitive enough for people to realize it matters.

And I take two additional steps. Once the order is processed, I zip off a quick email to them thanking them once again. Then I jot a simple thank you note and send it to them via USPS mail.

How can these simple steps with declined orders help your business? Two things, the processed order puts money in the bank (I know it’s made me thousands — you could too), and it changes the relationship from an inanimate object (the computer) to a real person. A definite prescription for potential future business.

Try it and see how it works in your business.

How about you? Do you have a special process for handling online sales declines? Or have you been letting all that cash slip beyond your finger tips? Tell me about it by leaving a comment.

Related posts:

1. Payment Options Can Increase Your Cash Flow
2. Yes, Credit Is Still Available If Your Business Is In Good Shape
3. Cash Flow Management: You Can’t Afford To Be A Bank To Your Customers