22 | Should You Charge Extra for Payment Plans?

Should you charge extra for payment plans? 

When you purchase a course, program, or package online, you're often offered a payment plan - particularly if the price is on the high end.

Usually, the payment plan winds up being more expensive than the "paid in full" price.

An Example

A program costs $999 - or - four payments of $300

In this scenario, you'd be paying an extra $200 if you couldn't afford the upfront fee

Questions and Ethics

Are you comfortable penalizing someone who can't afford your full prices? 

We do need to account for our own time and the admin work that can be associated with payment plans.

It's not necessarily wrong or bad to charge more for payment plans.

And, I hope that if you do you'll weigh the pros and cons and make an informed choice rather than choosing what you've seen done by default.

I'm asking you to think carefully about what the costs for you are, and whether you're comfortable passing those on to folks who are financially challenged or who have other reasons for needing/wanting to pay over time.

Your Decision

After you listen to the episode, I'd love to hear how you handle this in your own work.

Do you offer payment plans? If so, do you charge more if they're used? What factors influenced your decision?

You can comment below or message me!

Take care,

Camille 

Other links mentioned:

• Practice Better (referral link)
• My Grow course, (start anytime!)

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