3 Parameters For Offering Payment Plans to Clients

With the rise in costs these days, some prospective clients won’t have a large lump sum for your product or services. Offering a payment plan could help close the deal.

Video Transcription

Sunshine: Have you ever offered a payment plan to close the deal?

Crystal: Welcome to For the Love of Business. I’m Crystal.

Sunshine: And I’m Sunshine. Let’s get to it.

Payment plans, like layaway?

Crystal: Similar, yes.

Sunshine: And I mean, are you putting this on your website that you take payment plans?

Crystal: Great question. So, I would not advertise that you’re offering payment plans. This is a back pocket strategy. So, if someone really wants to buy but they don’t have the full amount right away, you can offer them a payment plan. But you won’t put it on your website, you won’t advertise it, again, it’s just in your back pocket in case you need it.

Sunshine: Okay, what about referrals? You know, I’m a great client, and I got a payment plan. Could I tell my friend that there was a payment plan option available?

Crystal: No. Absolutely not.

Sunshine: So, don’t forget to educate your clients.

And tell us a little bit more about the parameters of a payment plan.

Crystal: Happy to do that. So, three parameters if you’re going to offer a payment plan.

Number one, it should be no more than three payments over a three month period, unless it’s a very big purchase and then you can decide what is fair.

Number two, get it in writing that the client will pay the payment plan on time each month.

And number three, get a credit card on file in case the payment fails, you can rerun it and make sure you get the money.

Sunshine: Extra closing strategies for your business.

What’s your number one takeaway from today’s video? Leave us a comment and thanks for watching.

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Crystal Shanks

Crystal Shanks, Certified Business Coach and CEO of Run Right Business Consulting, has been coaching business owners and executives around the world to achieve optimum results since 2009. Coach Crystal teaches her clients proven strategies to build thriving businesses and careers. She has worked with thousands of businesses and executives to generate substantial revenues and maximize profits.