Calculator to be used for payment plans
Giving the customer options is always a benefit. A benefit for them as well as for your business. Your products or services are priced according to the value of your investment, as well as the value the customer gains from using them. Providing payment options to your customers amplifies the customer value, elevates your brand awareness, and deepens customer loyalty.
Here are five reasons why offering payment plans for your customers is smart business.
Bottom line, you are always looking for ways to increase your sales. Whether that is with good marketing, referral networking, or promoting sales, you probably have tried everything under the sun to increase your sales pipeline, but offering a payment plan is an easy way to drive consistent and higher-value sales. You will attract customers that may not have considered purchasing from you due to the cost.
With payment plans, you can help manage the cost into bite-size chunks with flexible payment options. This will not only make your product more attractive, it will enable you to earn more money over time. For example, if you provide two payment plan options for an item worth $800, with option A offering $210 for four month, and option B offering $89 for ten months, you earn either an extra $40 (option A) or $90 (option B) for the same item, while helping the customer buy more over time.
Higher-priced goods and services become more attainable by breaking down the costs into smaller payments.
Building customer loyalty is about recognizing and acknowledging that each customer is unique, just like their budgets. Offering a payment plan expands your customer reach and allows more customers to afford your goods and services.
Once you get a customer to invest in your goods and services with payment plan options, you establish an ongoing dialogue with them through payment services. You have a reason to stay in contact with key service messaging and sales offers. Helping a customer afford more now will pay off later with continued customer loyalty and repeat business, and even referrals from satisfied customers.
You can decrease your administrative costs of collecting payments with an automated system for managing recurring payments. Increase business cash flow by quickly depositing funds directly from credit cards or bank accounts, receiving next day funds availability.
Make purchasing easy and painless for customers by setting up recurring billing and fraud protection features to enhance the confidence of your customers with sharing their credit card or account information. Go one-step further by embedding payment forms directly onto your website (if applicable) to purchase goods and services.
Use one payment solution platform to remove the hassle and risk of check payments by mail. Securely monitor all payment activities, identify any disruptions of payments, and resolve payment issues quickly and efficiently. Keeping all customer payment information in one location will help with customer satisfaction and reduce the risk of payment errors.
Integrate your current accounting system with your payment solutions platform to automate monitoring and notifications. Monitoring all payment, deposit and expense distributions from one system will reduce accounting errors and avoid unnecessary fees and employee time spent on error resolution.