This had been bugging me for a loooooong time. But now that it’s all said and done, I’m laughing at myself for not doing it sooner.
No, I’m not talking about Botox, changing the color of my walls, or eyebrow threading. I’m talking about PAYMENT PLANS! Specifically, payment plans for buying things from the DBK shop. Before, if you wanted to buy a kit or two from Digital Brand Kit, you had to pay for everything in one go. But now you can check a box and immediately divide your purchase into two or three installments.
Why, after five years in business, did I finally decide to offer payment plans? And why should you consider offering them too?
3 Reasons Why I Decided to Offer Payment Plans
I dragged my feet on offering payment plans for DBK because our product suite is complex. The checkout experience is built in WooCommerce and, due to logistical difficulties, I needed to hire someone to custom-build the payment plans on the backend. (It wasn’t as simple as toggling an on/off switch.*)
Here’s why I FINALLY decided to get it done.
Reason #1: To Increase Sales
I’m not ashamed to say that I am in business. Hence, revenue matters. We have glowing reviews, our customers love our stuff, and the money we make from selling that stuff pays for my team’s wages and biz growth. Payment plans help us increase revenue. Plain and simple.
Reason #2: To Serve More People
We serve mostly early and mid-stage entrepreneurs who are already playing a tight game of resource allocation. It’s my mission to see them succeed. I want them to look legit. I want them to feel like badasses. I want them to have professionally-branded speaker slides, press kits, email signatures, case studies, social graphics, proposals, lead magnets, and more. And with payment plans, more entrepreneurs can get boutique-level branding on a budget.
Reason #3: To Adapt to Economic Norms
People are getting used to buying things with payment plans. It’s becoming the norm, and I want to meet people where they’re at. If they prefer to buy products and services with payment plans, then I need to adapt.
If you’re reading this and wondering, should I offer payment plans too??? My answer is an unequivocal YES. You don’t know the budget or financial goals of the people you’re working with. What’s “low-ticket” to you might not be low ticket to them.
Besides, they might REALLY NEED what you sell ASAP to move themselves or their businesses forward. If you can provide them with the tools and resources to solve an urgent problem—even if it means you have to wait a month or two to realize that revenue, why wouldn’t you?
Imagine there’s someone on your checkout page. They want your specific solution to solve an urgent problem, but they don’t have the budget right now to purchase your solution. There’s a good chance this person will bounce to a lower-priced competitor to take care of the issue. But with payment plans, this person can purchase your solution today without the stress of draining their checking account.
That’s why, after five years, I decided to offer payment plans in the DBK shop. You can spread your purchase over two or three months…whatever floats your bank account. 🙂
*For us, installing the payment plans was NOT as easy as toggling a switch on the checkout page based on how we set up the backend of our website. However, if your checkout experience is on ThriveCart, it’s ridiculously easy to turn on payment plans with just a few clicks. (God bless ThriveCart!) Speaking of, soon we’ll be launching Checkout Page Templates inside the Sales Kit that you can plug directly into your ThriveCart account. Deets coming soon-ish.
(For the record: I’m a super-duper proud ThriveCart affiliate.)
