Make It Easy for People to Buy – The Pros and Cons of Offering a Payment Plan on Your Sales Page


Payment Plan Options on a Sales Page

One option for your sales page is to offer your customers a few payment plan options. Instead of offering your product or service at a single price, you can offer different pricing options. A few ways to do this include:

  • Tiered Pricing. This is where you offer different price levels with different features. Subscription services often do this. The cheaper memberships have fewer features, and as you move up in price, you get more robust features.
  • Packages. Offer your standalone product or service, as well as a bundle or several bundles that include your product and various extras that go along with it.
  • Recurring Payments. You might have a product or service where you can take recurring payments or sell it on a payment plan. Instead of paying a lump sum, your customers can pay X amount per month until it’s all paid.

 

By offering a payment plan, you’re basically customizing your product or service for the customer. There are several pros and cons for doing this.

 

Pro – More Options

The main advantage is that these various options give your customers more choice. Your offer can better meet their needs. If there’s only one pricing option, you might lose some conversions because of customers who can’t or don’t like your price or payment system. A payment plan allows your customer to buy from you in any way they want.

 

Con – Too Many Options

This pro can also work against you. The value of a sales page is that it all leads to the call-to-action and purchase. It should be designed so there are no bumps in the road. By forcing your customer to make a decision about how to pay or which option to choose, you put a small bump in the road which may cost you some conversions. One option here is to offer different plans, but put them on your website and not the sales page.

 

Pro – You Can Charge More

If you offer various price points, you can charge more for your main product. You can add value and raise its price and offer a simpler, cheaper version as one of your options. This often has the effect of boosting sales for higher-ticket items. The customer sees the simple version and likes the price tag, but realizes they can pay a bit more for a more robust version.

 

Con – More Complexity for You

Offering more options doesn’t just put a bump in the road for your customer – it may also make things more complicated for you. The shopping cart system for a simple sales page with one payment option is extremely easy to set up. It’s also easy to predict your income when you just have one product at one price. You know exactly how much each conversion will yield.

 

Whether you should offer payment plans or not depends on the needs of your target market. Get to know your customers well and assess whether you should offer multiple plans on your sales page, or keep your sales page simple.