Payment plans can be a great way to increase sales on your site by removing potential barriers to customers purchasing your course, such as a lack of available funds, uncertainty about whether the course is for them, etc.
For example, by asking for three monthly payments of $150 rather than an upfront payment of $450, you're asking potential students for a much smaller initial commitment as well as an amount of money that they're far more likely to have to hand!
However, we won't deny that there are some risks associated with this - e.g. what if the customer signs up and then cancels after the first month? What if their credit card expires?
Here's some tips to help you take advantage of all the benefits of payment plans and minimize those risks:
1. Integrate with Stunning to make it easy for students to add a new payment card when theirs expires or needs changing.
2. Use a drip schedule alongside your payment plan so they won’t be able to access the full content until all the payments have been made.
3. Add some 'interest' to each installment of your payment plan, so that the total comes to more than if the customer pays upfront. Consider this your insurance for any customers who don't complete the full payment plan (it’s pretty common for a full upfront payment to be discounted in comparison to a subscription/payment plan so potential customers shouldn’t be fazed by that).
Any questions about this? Let us know below!
How do we have a payment plan and a pay in full option? I thought I added both but it only shows one even when I go all the way through to payment.
All the payment options will show up on the course landing page. The main price will be automatically displayed on the banner but for additional prices you will have add to the page using the Call to Action section. Once a student decides which price they want to pay, they will be directed to that specific checkout page.
If we set up a drip schedule and a payment plan that closely matches that, what happens when a student stops paying (for whatever the reason) that prevents the student from continuing on and without us tracking it. Will the student lose access to whatever class not finished?
With Thinkific, each enrollment that is on a recurring payment option such as payment plans or subscriptions has an expiry date - usually every 30 days. When a payment is succesful, this expiry date is extended another 30 days. If the payment is not successful, then the expiry will occur revoking access to the course contents!
Hope that helps!