I’m not talking about Payment Method you accept.

Q: What is a Payment Method?

A: Payment method is the source that the money is going to come from in exchange for your product/service.

Example: Credit card, digital payment, check, money order, and cash options.

What I’m talking about is the Payment Offer you have in place.

Q: What is a Payment Offer?

A: Payment offer is an offer to pay for a product of a service a little differently to make it easy for the prospect to commit to buying your product/service.

Example: Can your customers try before they buy, pay later, make payments, do they get a rebate, etc.

Below are six payment offers that could sell your product or service like crazy:

1. “Sample It”

Offer a free sample or standard version of your product/service. The sample should give them only a few benefits of the full version. This will entice them to go for the full/professional version to get the total benefit.

[important]Your sample should have real benefits taken from the full version of the product. You want them to say this to themselves: “If the sample version is so good, then I the full version is going to be totally awesome. I can’t believe this is just the sample version.”[/important]

2. “Name Your Price”

Offer a choice of what they can pay for your product/service. List your original product and price, then add another product with it for a little higher price. Your orders will increase by letting the customers choose their price.

[important]Don’t offer too many choices though. You might get your customer confused and frustrated. Give maximum 3 choices.[/important]

3. “Free To Try”

Offer a free trial of your product or service. You could offer the free trial for 5 to 30 days. This will show them that you are confident about your product/service and what it can do for them. This offer will sell itself.

[note]This payment offer is commonly used for long-term services or membership websites. Another name for a membership website is a continuity program. However, continuity programs last a finite period of time (6 months, 42 weeks, 1 year). The members can be charged monthly, weekly, or quarterly.[/note]

4. “Pay Later”

Offer your customers the choice of being billed later for their purchase. Bill them in a few weeks or a month. This will stop you from losing customers who can’t afford to purchase your product or service at that time.

[note]You might think that this is the same as offering a trial period. Even tough it is a little similar, there is a big difference in the way it is perceived by your customers. It is different in the way you communicate the offer to them. The difference will be obvious when you apply this offer to a service, a product, software, and a membership.[/note]

5. “Little At A Time”

Offer your customers a payment plan, letting them pay you in smaller installments. You could divide up the purchase price into bi-weekly or monthly payments. You won’t lose customers that may not be able to pay the full amount at that time.

6. “Give A Little Back”

Offer your customers a cash back rebate after they buy your product or service. I feel a good rebate would be a least 10% of their purchase price or higher. This will increase your sales and, like most of us, they will forget to turn in the rebate.

[note]This payment offer is mostly used for offline companies selling tangible products such as batteries, printers, etc. I haven’t seen anybody selling information products or software with a “give a little back” payment offer.[/note]

If you don’t mind, I am going to conclude today’s post by showing you an excellent example of what we talked about applied to an information product.

Here it is:

*This picture is taken from one of Eben Pagan’s DoubleYourDating courses’ sales letters.
You can click here to take a look at the whole sales letter

Eben is a very smart businessman and knows what he is doing when it comes to selling information products.

You can see that Eben combined 3 types of payment offers that we have mentioned today. He offered a “30 day free trial,” divided up the purchase price into 5 “easy installments,” and gave his customers the option to choose between a “CD series” and a “DVD series.”

[tip]Whenever you find yourself looking at a sales letter, pay attention to the type of payment offer that is used. The more you pay attention to the payment offers, the better you will become at matching the right payment offer with a particular product/service. And don’t forget to test it different payment offers.[/tip]

Right Payment Offer + Product = BIG PROFITS is a post from: Narek Gabrielian's Blog

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