Are You Using Payment Plans?
September/20/2007 SellingSuccessWare
No matter where I teach, I always learn something from the students, and my recent Guerrilla Management Class was no exception. The most interesting thing I learned this time is how important payment plans have become as a means of increasing sales, and how much clients appreciate the opportunity to spread their payments over a designated period. The studios with baby plans were the most experienced with payment plans, which they say are a great fit for parents who want quality portraits of their children, but who have so many current expenses associated with the arrival of the baby.
Implementing a payment plan might seem like a daunting task, but it is not for SuccessWare users. The software now includes a tab associated with the Client Order function that allows you to automate payment plans through credit card processing. This is possible because SuccessWare is connected to EFS Net, a merchant service company. Your client's primary credit card is stored securely in SuccessWare, along with as many back-up cards as the client wishes. With the client's permission, SuccessWare automatically charges their credit card on the pre-arranged due date. This new feature allows you to create any number of payment schedules according to your needs or the client's wishes. The feature also allows you to update client records and view pending payments. To learn how the payment plan feature works, click here to go to SuccessWare's "What's New in SuccessWare 4.3" page. Click on the second movie on the list.
According to class members, one of the most important benefits of a payment plans is it encourages repeat business. Traci Brennan, a workshop participant from Mundelein, IL, put it this way: "Once a parent sets up a payment schedule with you for a baby plan, when the plan is finished, it's easy for parents to decide to have you continue additional sessions, as your studio is already part of their family budget."
The same is true for wedding clients. Since bridal couples typically book their photographer as much as a year or more before the wedding, why not set up a payment plan for the couple? A payment schedule greatly facilitates your ability to sell more expensive wedding services and to add substantially to after-sales totals. Remember the old adage: Money spent is money forgotten.
The experience of these class members more than convinces me that payment plans are a wonderful tool for photographers!
Implementing a payment plan might seem like a daunting task, but it is not for SuccessWare users. The software now includes a tab associated with the Client Order function that allows you to automate payment plans through credit card processing. This is possible because SuccessWare is connected to EFS Net, a merchant service company. Your client's primary credit card is stored securely in SuccessWare, along with as many back-up cards as the client wishes. With the client's permission, SuccessWare automatically charges their credit card on the pre-arranged due date. This new feature allows you to create any number of payment schedules according to your needs or the client's wishes. The feature also allows you to update client records and view pending payments. To learn how the payment plan feature works, click here to go to SuccessWare's "What's New in SuccessWare 4.3" page. Click on the second movie on the list.
According to class members, one of the most important benefits of a payment plans is it encourages repeat business. Traci Brennan, a workshop participant from Mundelein, IL, put it this way: "Once a parent sets up a payment schedule with you for a baby plan, when the plan is finished, it's easy for parents to decide to have you continue additional sessions, as your studio is already part of their family budget."
The same is true for wedding clients. Since bridal couples typically book their photographer as much as a year or more before the wedding, why not set up a payment plan for the couple? A payment schedule greatly facilitates your ability to sell more expensive wedding services and to add substantially to after-sales totals. Remember the old adage: Money spent is money forgotten.
The experience of these class members more than convinces me that payment plans are a wonderful tool for photographers!