Banks Flag Membership Renewals
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Sam Parr shares a story about payment processing challenges with his company Trends' annual membership renewals.
"We had some payment issues when we first launched. If someone signs up on day 1 and on day 366 they get a renewal, the credit card statements would trigger the banks to flag it as potential fraud. The banks would say 'Woah, woah, woah, what's this?'
We actually had a big fraud problem with banks blocking the renewals. Despite this, 80% of people were opted in to renew in year 1 or year 2 in our first cohort, which is pretty good. But it's hard to get new customers on a consistent basis."
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.