While the average course price that crosses the CourseStorm platform is around $50, we also have many customers that specialize in “big ticket” courses. Often, these are professional credentialing classes required to maintain certifications for employment. Missing out on this essential training could be detrimental to an individual’s career, but due to normal life events like major homes repairs, a perfect candidate for the class may not have the cash available right away. The result is that folks who want to take a course have to save up and wait for the next scheduled class; or, they miss out altogether if it’s not offered again. For you, this means your classes aren’t full and you’re losing revenue.
The good news is, you have the ability to offer students options when it comes to paying for big ticket courses. CourseStorm customers can make convenient payment plans available right from the online registration system, while any education business has the ability to offer payment plans by partnering with a third party financing company.
FitSmallBusiness.com has found that regardless of how you offer payment plans, the average order size of a small business that offers customer financing can increase as much as 120%!
Let’s take a look at the two options.
CourseStorm Customers: Set Up Your Course To Accept Payment Plans
If you’re already a CourseStorm customer, offering payment plans can help boost enrollment in your big ticket courses while freeing up your staff’s time and resources. You’re assured consistent, automatic monthly payments through CourseStorm’s payment processing and direct deposit services that manages all the technical details for you.
When you add your big ticket course to your catalog, you will automatically have the option to offer a payment plan for the class.
- Select the second option allowing students to pay in installments.
- Choose your deposit amount. We recommend enough of a deposit to cover the cost of materials if you allow your payment plans to go beyond the date the class begins.
- Select when you want the full payment due by.
Registering For Courses With Payment Plans
Once you’ve configured the course, students will see the payment plan option in the class details. The monthly payments are calculated by the system based on the amount of time between when the student registers and when you require the full payment due. The payment schedule will automatically adjust to show you how frequently people have to pay, and their payment amounts.
Once the student registers, they will be given an option to pay in full or accept the payment plan option. The payment plan is only available for credit/debit cards, and the student agrees to have their card automatically charged based on the payment schedule.
You will receive a monthly settlement statement with all of your students on a payment plan, payment status, and total amount paid to date.
Offering Third Party Financing
For organizations that use another solution to automate enrollment, such as Google Forms or Excel Surveys, you can still offer students convenient payment plans through a financing company.
There are many providers to choose from, and some will be a better fit for your organization than others.
FitSmallBusiness.com has put together this great resource for help selecting a financing company. While this article promotes the point-of-sale financing option, Blispay from Visa, the same selection considerations apply to any provider you are researching:
- The cost to the merchant (you) to offer financing.
- Whether your classes qualify for financing (i.e. some providers specialize in providing financing for specific industries, products, or services).
- Whether your students will qualify for the financing (i.e. Blispay is for prime borrowers, but there are other financing companies that offer low-credit and no-credit options).
- Whether the financing is affordable for your students and whether they see value in the service.
- The ease of implementation and scale for your organization.
You Know Your Students Best!
Remember, you determine what’s considered “big ticket.” While it’s common to see payment plans and financing offered for pricier courses, more than 20% of CourseStorm customers offer payment plans for classes that are over $100, and the majority are professional training classes and kids camps.
You understand the needs of your students best and whether making classes more affordable through payment plans makes sense for your organization.
We hope this information was helpful and you can now confidently offer payment plans or financing to sell more big ticket courses!